Hold -- Price 26.11 on March 10
by Wedbush Morgan

With minimal growth expected for this infrastructure-software provider in "09, and given its complex product portfolio, which has yet to generate meaningful synergies, we don't expect meaningful multiple-expansion. But we feel SY's high level of recurring revenue, strong operating margins and solid record of EPS outperformance should [bring the shares to] 29, or 12 times FY10 EPS, a slight premium to our forecast long-term EPS growth rate of 10%. Market cap: $2.2 billion.

Mobile-software maker Sybase (SY) also makes her cut. "The stock is down big-time, the P/E is low at 13 and the price of sales is low for a growing mobile-software industry," she notes. The stock was recently at 24.86, down from a 52-week high near 37. Thomson Reuters puts earnings at $2.03 for '09 and $2.15 in '10.

Use to work with the product and liked it.

Buy - Price 23.46 on Dec. 10
by Needham & Co.

Sybase's three businesses in the infrastructure software space are IPG (database), iAS (mobile/embedded database) and Sybase365 (SMS/MMS message brokering).The September quarter results base were solid and the outlook positive: Sybase's $284 million and 55-cent EPS pro forma were above Street consensus of $276 million and 50 cents....Key themes from management ...included: risk analytics and mobile computing....We believe investors will [appreciate] SY's moderate growth and higher-visibility revenue model. Our 29 target is based on 2 times EV/revenue for [calendar-year] 2009E revenue of $1.2 billion, versus peer group's 2.2 times....SY's installed base of 10,000 customers [provides] a large recurring revenue base and a relatively smaller new license target-qualities we find attractive in the current market. Market cap: $2 billion.

present employeer

Sybase Inc. has agreed to a $300 million share repurchase as part of an agreement with Sandell Asset Management Corp., a major shareholder, averting a proxy contest at Sybase's April 2008 annual meeting.

The parties agreed Sybase will use a modified "Dutch auction" self-tender offer to purchase $300 million worth of its common stock at a price per share of not less than $28 and not greater than $30, the Dublin company said Tuesday.

John Chen, Sybase's CEO and president said in a statement that he is pleased to resolve the issue.

The stock trades for 8x cash flow.

amazing applications at the right price point.

Sybase (SY) was cut from Buy to Neutral, Merrill Lynch said. Valuation call, as US spending growth could decelerate heading into 2008.

Solid company, slowly increasing values with well managed debt to fund growth.

Upgraded by Banc of America Sec from Neutral to Buy