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First Albany Raises Computer Network Tech to Strong Buy

First Albany raised its rating on Computer Network Technology (CMNT) to strong buy from buy after the network storage products company posted fourth quarter earnings per share from continuing operations of $0.04 vs. $0.17 on a 29% revenue rise. Analyst Mark Kelleher says that with the rapid decline in the stock over the last month, the strong underlying fundamentals and the large cash stockpile are providing strategic opportunities.

Kelleher said there is a likelihood of further margin improvement and believes that CMNT offers attractive investment opportunity. He notes that fourth quarter earnings per share is $0.01 ahead of his est. He is cutting his $288 million fiscal year 2003 (January) revenue estimate to $256 million and raising his $0.16 earnings per share estimate to $0.20. He is cutting his $398.5 million fiscal year 2004 revenues to $323 million and is maintaining earnings per share at $0.32.

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