Jefferies Maintains Hold on Unisys (UIS)

Jefferies is out with its report today on Unisys UIS, maintaining Hold. In a note to clients, Jefferies writes, "With both the claw back and tender of much of the company's high coupon notes, the UIS balance sheet has improved significantly, providing the most strategic flexibility we have seen in years. But a soft federal business, compounded by the lost TSA contract has injected top line and margin headwinds, which could take a few quarters to overcome. We look for progress on growth to warrant the potential for multiple expansion." Jefferies has a $31 PT on UIS. At the time of posting, shares of UIS were trading pre-market at $29.70, down 9.95% from Monday's close.