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CIBC World Ups PEC Solutions Estimates


CIBC World raised its estimates on PEC Solutions (PECS).

Analyst Stephen Murphy says the third quarter earnings per share beat his $0.17 estimate due to higher revenue and much better margins, as well as a "one-time" rush program for biometrics systems. He upped the $0.65 2002 earnings per share estimate to $0.74, and upped the $0.83 2003 estimate to $0.90 on the company's guidance.

Murphy says near term visibility looks good, though to some extent the 2003 outlook is cloudier based on a lagging Federal budget appropriations department. He notes the company, which provides technology services to the government, is well-positioned to grow 30%-plus on increasing Federal security spending.

Murphy raised the $29 target to $32, or 35 times the 2003 earnings per share. He is keeping his sector perform rating.


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