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Bear of the Day

Unisys Corp. (UIS) recently reported second-quarter results that were impacted by the continued weakness in the U.S. Federal business and lower ClearPath sales. Although Unisys has recently been restructuring its business to improve profitability, we do not see any catalyst driving the stock higher in the near-term.

Estimates have moved lower of late. Based on a bleak outlook in the coming quarters, we downgrade our recommendation to Underperform from Neutral.

Accordingly, we set a target price of $16.00, derived by applying a P/E multiple of roughly 5.4x our 2011 EPS estimate of $2.97. Unisys currently carries a Zacks #5 Rank (Strong Sell).

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