Markets & Finance

Bear Stearns Ups UNOVA

Bear Stearns hiked its investment opinion on UNOVA (UNA ) to outperform from peer perform on Wednesday, citing the company's recent settlement with Symbol Technologies (SBL) over a RFID (radio frequency identification) intellectual property dispute.

Analyst Philip Alling cited increased confidence in material royalty streams on the technology for UNOVA from RFID licensees, as the company has now signed large vendors such as Zebra Technologies (ZBRA). The analyst cautioned that the timing of UNOVA's revenue remains highly uncertain, and depends on the ongoing implementation by clients such as the Deptartment of Defense. Alling set his calendar year 2006 year-end price target at $42, which is 30 times his $1.39 calendar year 2007 earnings per share estimate.

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