As previously reported, Raymond James downgraded CSC (CSC) to Market Perform from Outperform. Analyst Brian Gesuale's previous Outperform thesis was predicated on CSC's inexpensive valuation, a $7B business that was capable of shifting its mix towards higher margin services, and a new pure commercial entity that seemed conducive to a takeout. The analyst said the merger with HP Enterprise (HPE) "blows up" the last two components of the thesis, as the $27B combination is too large to quickly shift its mix and too large to be an acquisition target for most potential acquirers. Gesuale recommends taking profits and watching the "chaos" from afar until numbers settle over the next 12 months.