UPDATE: Jefferies Initiates BMC Software at Buy

Jefferies is out with its report today on BMC Software BMC, initiating BMC at Buy. In its report, Jefferies writes, "We are initiating on BMC Software with a Buy rating as we believe the company will continue its transition from a low to mid-tier growth company. We expect its Enterprise Services segment will rebound, and even in achieving moderated growth levels aggregate growth acceleration is achievable. Combined with the margin expansion potential we believe the earnings prospects are underappreciated at current levels." Jefferies maintains a $53 PT on BMC. Shares of BMC closed Wednesday at $39.69.