JMP Securities upgraded Advent Software (ADVS
) to strong buy from outperform.
Analyst David Scharf says shares of Advent Software have been essentially flat year-to-date despite improvements in practically every demand metric. While he doesn't have a call to make on the first quarter that will be reported shortly, he believes a turnaround at Advent that began over 18 months ago is in full swing. Specifically, he notes the transition to more recurring term licenses; introduction of next generation APX product, which expands its target market; and gradual cost rationalizations that have led to dramatic acceleration in cash earnings.
Scharf raised his $31 12-18 month price target to $38.