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AG Edwards Upgrades Engineered Support to 'Buy'


AG Edwards upgraded Engineered Support Systems (EASI) to buy from hold.

On Wednesday the company posted $0.61 vs. $0.44 second quarter earnings per share from continuing operations, and raised its fiscal 2002 guidance to $2.40-$2.45.

Analyst Mike Braig says the second quarter is ahead of his $0.58 estimate, adding that the outlook and guidance has improved sharply with the completed acquisition of Radian. The company is expected to add $25-$30 million in revenues, and $0.20-$0.25 to EPS this year. Braig also notes that Radian is expected to add about $70 million of revenue.

He says preliminary guidance for 2003 was $435 million in revenues, with EPS growth of 10% to $2.66-$2.70. Braig raised his fiscal 2002 EPS estimate to $2.42, and set $2.66 EPS for fiscal 2003. He upgraded the stock based on raised estimates, and set a $53 target.


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