Markets & Finance

Robbie Stephens Ups KPMG Consulting to 'Buy'


Robertson Stephens upgraded KPMG Consulting (KCIN) to buy from market perform.

Analyst Joseph Vafi says he was neutral on the company for about a year. He now thinks the risk reward ratio to KPMG's investment case has materially improved over the past several weeks. He notes the Street's forecasts were revised down closer to his estimates; he says a material pull-back in KPMG's stock price has created a more attractive entry point; he says there's a clearer global growth strategy given recent acquisition announcements.

Vafi think that while demand for U.S.-based consulting services does not seem to be improving as of yet, he believes it no longer deteriorating. He sees $0.56 fiscal 2002 (June) EPS, and $0.73 for fiscal 2003. He has a $20 target.


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