No Ests for SAY – Analyst Blog
Source: http://www.zacks.com/stock/news/16850/No+Ests+for+SAY+-+Analyst+BlogPosted on Friday, January 16th, 2009 | In Stocks to Watch
The saga of Satyam Computer Services Ltd (SAY) appears to be coming full circle now with the arrest of both the company’s ex-CEO and ex-CFO, along with the interim management’s announcement that it’ll make all attempts to clean up its books and appoint a new auditor.
A new Board is being formed to spearhead the task of salvaging the company, and 3 members have already been appointed by the Government of India itself.
The option of a merger/takeover is on the table, although it is abundantly clear that there are no suitors at the current time. Recently, the Indian government announced that it would not step up to help Satyam with any financial assistance, citing the company’s current receivables of approx. $350 million. Given the recent developments, we are downgrading SAY shares to a Sell and have suspended our estimates at the current time.
Udayan Mukherjee contributed to the report.
Read the full analyst report on SAY
“SAY” Free Stock Analysis: Buy? Sell? Hold?
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