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CS First Boston Boosts Outlook on WebMethods


CS First Boston raised its estimates and target on WebMethods (WEBM).

Analyst John Rizzuto says Q3 was spectacular, with a $0.05 loss and $49.1 million revenue exceeding his $0.20 loss and $40.5 million revenue estimates, as well as beating the consensus $0.17 loss on $41.6 million revenue. Rizzuto notes sequential revenue growth across all geographies and continued expense reductions. He says the company also saw leverage from its vast partnership relationships. Rizzuto narrowed his $0.16 Q4 loss estimate to a $0.05 loss, and trimmed the $0.61 fiscal 2002 (March) loss to a $0.36 loss. He also revised his $0.11 fiscal 2003 loss to $0.12 EPS. Finally, Rizzuto raised his $23 12-month target to $29 and reiterates his buy rating.


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