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CSFB Repeats Strong Buy on VeriSign

VeriSign (VRSN) posted $0.23 vs. $0.02 Q1 EPS (pro forma) on a sharp revenue rise. CS First Boston reiterated its strong buy rating on the shares.

Analyst Todd Raker says VeriSign reported better-than-expected results, with the upside resulting from strong performance across all businesses. He notes deferred revenue grew 7% sequentially; the renewal rate on domain names appeared to be tracking well above expectations. The company also announced a $350 million stock buyback. Raker says that given the company's deferred revenue model, and visibility even in a tough macro climate, he thinks VeriSign should trade at the high end of the software infrastructure group. He cut his price target to $100 as a result of changes to his discounted cash flow model.

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