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CS First Boston Raises Websense Outlook

Credit Suisse First Boston raised its estimates on Websense (WBSN).

Analyst Todd Raker says third quarter results came in solid in a challenging IT spending environment, and the company has exhibited improving operating execution. Raker says the results support his view that IT security remains one of best-performing segments in the technology market today. He raised his $17.5 million fourth quarter revenue estimate to $17.8 million, and upped the $0.17 earnings per share to $0.19; he also raised the $82 million 2003 revenue estimate to $85.5 million, and upped the $0.53 earnings per share to $0.67. Raker also increased his $15 target to $17. However, in spite of the company's market momentum and improving profitability, he regards stock as fully valued at current levels and maintains his neutral rating.

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