UBS Warburg Upgrades PeopleSoft to 'Neutral'

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.