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CS First Boston Keeps 'Buy' on Retek


Credit Suisse First Boston reiterates buy on Retek (RETK).

Analyst Brent Thill thinks the Internet software company's second quarter is tracking to his $60.6 million total revenue (13% sequential growth), and $0.10 earnings per share estimates. He says his contacts suggest a pipeline rich with strategic, tactical and point solution deals that help spread dependence on elephant-sized deals. He notes underlying strength is spread across both U.S. and international markets, and he believes a one multi-million dollar deal is already closed with a top European retailer.

Thill says the mid-market (tier 2) represents enormous upside going forward as Retek's dominant position in tier 1 cascades downstream. He has a $35 target.


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