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ThinkEquity upgraded Siebel Systems (SEBL
) to buy from overweight.
Analyst Yun Kim says he upgraded on his growing conviction in the upward trend in the customer relationship management (CRM) market. He says demand -- from sectors across the board -- is strong in the current quarter and he thinks momentum will build into 2004. He says demand is rising as customers, which have already utilized information technology to reduce costs, are now beginning to focus on revenue enhancement and market expansion.
Kim notes Siebel is the leader in CRM, and therefore will benefit most from the uptrend. He notes valuation still is strong. He sees 12 cents 2003 earnings per share, and 33 cents earnings per share in 2004. He has a $15 target.