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CSFB Raises Rating on J.D. Edwards

CS First Boston upgraded its investment rating on J.D. Edwards (JDEC) to buy from hold.

Analyst Brent Thill says the company's positive fourth-quarter pre-announcement provides early evidence that it is starting to execute on a number of fronts. Thill says healthy product flow in its most significant product set (supply chain execution and planning), some early traction with its revamped CRM strategy, and the prospect of recovery in Edwards' core manufacturing and distribution vertical channels all make the outlook incrementally more positive. Thill notes Edwards has substantially trimmed its cost structure, making its profitability outlook more promising. The analyst set estimates of $940 million in revenue and EPS of $0.49 for fiscal 2002 (Oct.). Thill also set a $19 price target.

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