Jon Smirl

The Bull Case for Sybase

The uptick in Sybase IQ was the most interesting part to me. Sybase IQ is a big ticket item. It's always been a good product and it seems like some customers are finally starting to buy it. I'll go along with $2/shr for the year.

Don't forget that they just bought back over 10% of shares outstanding. There is still another $500M in the bank and it grows continuously. Acquisition rumors are always out there.

The $400M debt is a convertible bond. I haven't done the analysis but it might be a better play than the common.