MARKET TALK: Micro Focus CFO Departure May Overshadow Results

24th Jun 2010 09:32

0832 GMT [Dow Jones] The departure of Micro Focus (MCRO.LN) CFO Nick Bray, possibly to a competitor, is likely to overshadow the group's solid FY results, particularly given weaker-than-expected cash conversion, Piper Jaffray says. "Investors' first real opportunity to assess new CEO, Nigel Clifford, will be today and we expect a message of tightening the bolts on the recent acquisitions before returning to M&A later in the year," says Piper Jaffray. "We continue to see value in the shares," but they may tread water near term, the brokerage says. Overweight rating, 520p target. Shares -12% at 464p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 24, 2010 04:32 ET (08:32 GMT)