Unisys initiated with a Buy at Needham

Needham initiated coverage of Unisys (UIS) with a Buy rating and $6 price target The firm says Unisys is a global IT solutions provider to a broad list of industries. Cyclical pressures have weighed on the industry growth, but as the operating environment improves, the company should return to growth, the analyst tells investors in a research note. Needham also believes Unisys can continue to expand its margins and remove its U.S. pension plan in the next five years. The shares can re-rate as the pension overhang is eliminated, the firm predicts.