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Robbie Stephens Raises Estimates, Repeats Buy on OpenWave Systems

Shares of Web communications software firm OpenWave Systems (OPWV) were trading sharply higher after the company reported Q2 earnings per share from operations of $0.09. Robertson Stephens raised its EPS estimates on OpenWave and reiterated its buy rating on the stock.

Analyst Marianne Wolk told S&P MarketScope OpenWave had an excellent quarter, with the EPS and revenue figures surpassing her estimates -- and the Street's expectations as well. She notes that over 80 wireless carriers -- about half of the world's carriers -- have licensed the company's UP.Link Server; nealy 70% of the world's phone manufacturers licensed OpenWave's UP.Browser. Wolk says the company is leveraging its footprint by marketing value-added applications. She "aggressively" recommends the stock.

The analyst raised her $0.17 calendar 2001 EPS estimate to $0.50 and sees Calendar 2002 EPS of $0.78. She raised her $0.02 fiscal 2001 (June) EPS estimate to $0.27 and her $0.32 fiscal 2002 forecast to $0.64.

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