Sage Group: Q1 FY13 interim management statement: in line as usual
NEUTRAL, Fair Value 340p (+7%)
This morning Sage issued an interim management statement for the quarter ending 31st December 2012, which is unsurprisingly in line with market expectations. At this point, we see no reason to change our forecasts. The shares have been up 5% since the publication of FY12 results on 5th December 2012, and we deem the current high valuation level offers limited upside potential.