Bloomberg the Company

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

Markets & Finance

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.


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus