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Cognos (COGN) could be worth as much as $55 to $57 a share in a takeover, RBC’s Mike Abramsky asserted in a research note yesterday. With Oracle’s (NYSE:ORCL) pending acquisition of Hyperion (HYSL), he expects “further industry consolidation,” and notes that speculation on a takeover of Cognos could intensify.

Meanwhile, he says the business intelligence software company is doing well fundamentally. Yesterday he increased his revenue estimate for the fiscal fourth quarter ended February to $278 million from $276 million; his EPS forecast goes to 65 cents a share from 64 cents. The company is scheduled to report results today.

Abramsky says EPS guidance for the fiscal 2008 should be above the current consensus of $2.03 a share; he sees first quarter revenue guidance of $230 million to $240 million with EPS of 32-40 cents.

Cognos yesterday was off 13 cents at $40.23.

Source: Cognos: Takeover Speculation Could Intensify; F4Q Results Today