Jefferies Lowers PT on Computer Sciences from $42 to $32

Jefferies has published a report on Computer Sciences CSC lowering the price target from $42 to $32. In the report, Jefferies wrote, "Incremental takeaways from yesterday's earnings call were: 1) NHS risks are elevated given further delays in signing MOU, 2) multiple factors dragged down MSS margins, some of which will persist into F2Q, 3) CSC's share buyback program is suspended pending completion of audit committee investigation into Nordic accounting issues. Our estimates are unchanged, but we lower our PT from $42 to $32 on a lower multiple." Jefferies rated Computer Sciences a Hold with a price target lowered from $42 to $32. Computer Sciences closed Wednesday at $28.24.