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Andrew Lange

Andrew Lange is an equity analyst for Morningstar.

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The no-moat firm won't combine with Fuji Xerox, will settle with Carl Icahn and Darwin Deason, and will replace current management.

The firm's shift toward higher value enterprise IT is now necessary for the firm to avoid competitive relegation and commoditization.

As subscription plan recurring revenue overtakes maintenance plan recurring revenue, we've raised our fair value estimate on the wide-moat firm, but shares are rich.

We think the narrow-moat firm has turned the growth corner and can post modest full-year revenue growth over the coming years.

The wide-moat firm's focus on improving its customer experience seems to be resonating well with clients, in addition to continual development of new product features.

One surprising area of weakness for the wide-moat firm was the growth in the Health & Public Service business.

Shares of the narrow-moat firm remain fairly valued, and we would seek a wider margin of safety before investing.

More About Andrew Lange

Andrew Lange is an equity analyst for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc. He covers application software and IT services companies.

Lange joined Morningstar in 2007 as an associate equity analyst based in Auckland, New Zealand before moving to the Chicago office in 2012.

Lange holds bachelor’s degrees in economics and finance from the University of Otago in New Zealand.

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