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ABN AMRO Upgrades Veritas to 'Buy'


ABN AMRO upgraded Veritas Software (VRTS) to buy from hold.

Analyst George Godfrey says he believes the storage market is rebounding from depressed levels witnessed in the second half of 2001; this fact is evidenced by EPS news from several storage vendors, including EMC Corp. and Emulex. He thinks Veritas is likely to be one of the largest, if not largest beneficiaries of increased focus on data back-up, recovery and storage management. This focus comes on the heels of September 11. Godfrey thinks with gross margin of almost 90%, and operating margin just under 30%, as well as net margin of almost 20%, few, if any companies in the storage management market can match Veritas' earnings power. He sees $0.65 2002 EPS, and $0.95 for 2003. Godfrey sets a $60 target.


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