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HC Wainwright Upgrades Veritas Software

HC Wainwright upgraded Veritas Software (VRTS) to strong buy from buy.

Analyst Gary Abbott believes the company is navigating this difficult time better than any of the other 19 infrastructure-software companies in his universe. He says recent talks with Veritas customers at Oracle's Appsworld conference indicate that its position on the tech food chain is rising. He thinks Veritas is likely to be gaining share of tight budgets. He notes that Oracle Applications customers are increasingly relying on Veritas, and the move to Internet-based applications is driving increasing demand for Veritas' software.

Abbott sees $367 million in first quarter revenue and $0.13 EPS. His annual EPS forecasts are $0.64 for 2002 and $0.79 for 2003. He has a $59 12-month price target on the stock.

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