Cowen Says Use Takeover Rumor Run-Up to Exit COGN and BOBJ

Cowen downgrades Cognos (Nasdaq: COGN) from Outperform to Neutral, citing valuation after takeover speculation run-up. The firm sees limited upside in a takeover, but significant downside if a takeover doesn't materialize.

The firm makes similar comments on Business Objects SA (Nasdaq: BOBJ), saying the run-up on takeover speculation provides a nice exit opportunity.