Temenos Group: Q1 13 results in line, FY13 guidance reiterated
BUY, Fair Value CHF26 (+31%)
Yesterday evening Temenos reported Q1 13 results in line with expectations - despite tough comps -, and reiterated FY13 guidance. Sales execution continued to improve and management sees a gradual improvement in market conditions for Core banking solutions, although Europe is not in turnaround yet. While the share price fell 12% since 28th March, we expect a positive reaction near-term. Buy reiterated.
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