Markets & Finance

Deutsche Bank Ups Veritas to 'Buy'

Deutsche Bank upgraded Veritas (VTS) to buy from market perform.

Analyst Arvind Singer says the company's decision to withdraw its plans to combine with Petroleum Geo-Services removes a tremendous uncertainty surrounding the stock as well as fears of taking on Petroleum Geo-Services' hugh debt loan. Singer says even with lowered estimates and a relatively weak seismic market outlook, Veritas' strong stand-alone balance sheet and 46% underperformance vs. the OSX index since the announcement of the deal makes for an extremely compelling valuation. Singer upped the price target to $13.

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