Jun-Q EPS of $0.09, vs. $0.03, is $0.03 over our estimate. Total
revenues grew 7.4% to $243M, $8M above our forecast. License
revenues increased 37%, as the company closed two large deals in
the quarter. However, we see a softer IT spending environment
given the financial uncertainty in Europe. We think further
market share gain in the Product Lifecycle Management segment
will be more difficult to achieve. We raise our FY 10 (Sep.) EPS
estimate by $0.02 to $0.48, but trim FY 11's by $0.04 to $0.59 on
slower license revenue growth. We keep our target price of $16.