Jefferies Assumes Coverage on Computer Sciences at Hold

Jefferies is out with its report today on Computer Sciences (NYSE: CSC), maintains Hold.

In a note to clients, Jefferies writes, "While we are hard-pressed to find reasons to be positive on CSC right now following another disappointing quarter, depressed valuation (7x C12 P/E) suggests that a good deal of investor capitulation has already occurred. If CSC can improve its execution and expectation setting for the Street, we would consider a more constructive stance. We are assuming coverage of CSC with a Hold rating and $42 price target."

Shares of CSC closed Monday at $37.18, up 0.24% from Friday's close.