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Merrill Boosts Interwoven to 'Near-Term Accumulate'

Merrill Lynch upgraded Interwoven (IWOV) to near-term accumulate from neutral and maintains long-term buy.

Analyst Ed Maguire says he upgraded on valuation, and that the company has been trading off with no news to warrant it. He sees $0.03 2001 EPS, and $0.13 EPS for 2002; he thinks these estimates are conservative as the model now better reflects the weaker U.S., and moderate slowing in Europe. Maguire says the lowered bar increases his confidence that the company will meet expectations. He says the quarter is tracking well, and July is strong.

Maguire says fundamentals are unchanged, and says the company has adjusted its pipeline to reflect an adverse macro scene. He has a $10 target.

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