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Wachovia Cuts Estimates on BEA Systems

BEA Systems (BEAS) posted $0.06 Q1 EPS (pro forma). Wachovia cut its estimates on BEA.

Analyst Jason Maynard tells Standard & Poor's MarketScope that the company's Q1 results beat his estimates. He notes the company widened the lower end of fiscal 2003 guidance to down 5%, while affirming the higher end of the range at up 5% if the economy rebounds. Maynard says he is approaching software companies with the assumption that the economy won't improve. He cut his $0.33 fiscal 2003 (ending January) EPS estimate to $0.29, and his $0.46 forecast for fiscal 2004 to $0.42.

However, Maynard believes BEA has an enormous opportunity as the move to Web services-based computing takes hold. He thinks the Street underappreciates the company's opportunities. He has a $15 12-month price target on the stock. The analyst reiterates his strong buy rating on the shares.

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