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Unisys hops after upgrade, refocusing

Unisys Corp. (NYSE: UIS) hopped up 12 percent Thursday after Morgan Stanley Dean Witter raised its rating on computer services company to "outperform" from "neutral."

Shares were up 3 1/16 to 27 3/4. The stock took a dive recently despite better-than-expected earnings in its third quarter. Unisys had said in its October report that its revenue growth will be "sluggish" in the fourth quarter though it will likely meet analysts' earnings estimates.

Morgan Stanley raised its price target on the stock to $37 a share. Further details of the upgrade were not immediately available.

Unisys also said Thursday it was refocusing its organization on customer needs. It would replace its current "three businesses/one holding company" model with a networked structure that will revolve around product groups and customer service around the world.

"Its purpose is to create an integrated sales and delivery capability on a global basis, with faster decision-making closer to the customer," said Lawrence A. Weinbach, Unisys chairman and CEO.

Reuters contributed to this report.