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CS First Boston: FreeMarkets Worth Buying

FreeMarkets Inc. (FMKT) and e-business software maker Adexa Inc. agree to cancel their merger pact without the payment of any termination fees. FreeMarkets plans to acquire a 3% stake in Adexa.

CS First Boston reiterated its buy rating on the stock. Analyst Jamie Kiggen says this is a positive development as the Adexa merger was ambitious and a bit over-reaching from FreeMarkets' core competence in e-sourcing. The analyst says the absence of Adexa removes the question marks around integration risks and the nature of a combined strategy. It also returns FMKT to a focused operating model based on highly visible recurring revenues.

The analyst notes the FreeMarkets reiterated Q2 guidance of $36 million to $38 million in revenues. CS First Boston sees $37.1 million in revenues. Kiggen maintains a $20 price target on the stock.

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