Someone forgot to tell Cognos that it is up for sale. Following SAP's $5.3-billion friendly takeover offer for Business Objects, and an acquisition in the same sector last year by Oracle, analysts have been busy lining up suitors for the management software company, which would fetch more than $4-billion. Paul Steep at Scotia Capital raised his target price on Cognos Thursday in part because he sees the stock rising on speculation that IBM or Hewlett-Packard will take a run. While a deal may eventually come to pass, Cognos has been the tech analysts' favourite takeover target for some time, and nothing's come to pass. Investment banking sources say the Cognos board hasn't engaged financial advisers. The board obviously wouldn't turn away overtures, but they are confident of their ability to go it alone. Cognos may have scarcity value, but at the moment, it's not in play.