UBS Securities has lowered its recommendation on Cognos to 'hold' from 'buy' because analyst Joseph Farley said there was limited room for margin expansion, a lower ?growth trajectory for business intelligence? and the ?likelihood of downward earning adjustments due to the company?s adoption of US GAAP?.
He believed the issues were relevant because they could mitigate the decision support tool supplier?s ability to exceed Wall Street?s earnings expectations in future.
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