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Bear of the Day

This year will remain tough for Unisys Corp. (UIS) due to an uncertain spending environment. Although management is progressing in expanding margins, we remain cautiously optimistic on the pace of the IT spending recovery and the maturing of higher-margin legacy product sales and services.

The stock took a hit earlier due to the debt overhang and weak quarterly results. After recovering some of the ground lost in 2009, the stock is again going on a downslide, as is evident from the decline in stock price over the last three months. Estimates have also gone down significantly in that time.

The current 2010 earnings estimate is $1.41 per share, down from $2.27 in 90 days. Consequently, we are downgrading the stock to Underperform from Neutral ahead of the second quarter results, scheduled for July 27, 2010.

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