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UBS Warburg upgraded PeopleSoft (PSFT
) to neutral from reduce.
Analyst Ken Carey says PeopleSoft, as well as several other technology companies, benefited from a better-than-expected fourth quarter seasonal uptick. Carey thinks many customers took advantage of typical year-end software discounting.
He says management is executing well in a challenging environment, and sounded upbeat on a conference call. Carey raised the 59 cents 2003 earnings per share estimate to 64 cents, and sees 71 cents for fiscal 2004.