UBS upgrades Venture

UBS upgrades Venture Corp to Buy from Neutral on valuation grounds but cuts target price to $9.00 from $11.00 on lowered margin, growth forecasts. Says, "Venture's valuation is attractive as it is at below trough level, and the company should be able to maintain its cash dividend payout and pay back its debt even under the worst case scenario." Lowers FY08 EPS estimate to $0.24 loss per share vs previous forecast of $0.91 profit per share, cuts FY09, FY10 EPS estimates by 43%, 21%, respectively, to factor in worst case scenario of write-downs of DMX investment, CDO exposure, goodwill from GES acquisition and assumption that overall business does not recover until '10.