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.

Deutsche Bank Doesn't See Imminent Deal for BOBJ or COGN

Deutsche Bank downgraded Business Objects (Nasdaq: BOBJ) and Cognos (Nasdaq: COGN) today. Both stock have been the subject of takeover speculation in the business intelligence (BI) space. Deutsche Bank said the stocks trade with a takeover premium, but they don't see an imminent deal

Suntrust Doesn't See Imminent Deal for Cognos

Suntrust comments on recent M&A speculation in the business intelligence (BI) space, which has centered around Cognos Inc. (Nasdaq: COGN), Hyperion Solutions Corp. (Nasdaq: HYSL), and Business Objects (Nasdaq: BOBJ) as takeover targets.

The firm said the most interesting talk going around is that IBM is ready to buy Cognos. The firm doesn't see an imminent deal for Cognos.

IBM (NYSE: IBM), Oracle (Nasdaq: ORCL) or SAP (NYSE: SAP) are said to be buyers in the space.