) to neutral from sell.
Analyst Bradley Whitt says although doesn't see much near-term improvement in fundamentals, he upgraded Retek, a provider of technology services for retailer. According to his research, bookings from new customers remain challenged, and may not improve until 2004.
However, Whitt notes that management recently said it expects third-quarter 2003 bookings to be above the low end of the $13 million to $19 million guidance. He notes 75% of bookings are expected to come from existing customers; he thinks this should be enough for Retek to maintain its guidance, but not enough to trigger a big rise in the share price.