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CS First Boston Keeps 'Strong Buy' on Openwave


CS First Boston reiterates strong buy on Openwave Systems (OPWV).

Analyst Marc Cabi says results were ahead of his $0.09 EPS estimate and $142 million revenue estimates. He notes the EPS upside came mainly from higher gross margins due to cost-cutting measures and the sale of Openwave's hosting business to IBasis during the quarter.

Cabi says the company showed higher average revenue per unit from messaging, and says mobile Internet customers allowed for 9% revenue growth despite soft mobile data. He remains confident in calendar Q4 subscriber ramp as holiday promotions and 2.5G networks come online by year end.

Cabi sees a $0.43 calendar 2001 EPS estimate and $0.76 EPS for calendar 2002.


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