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Pacific Growth Keeps 'Overweight' on J2 Global

Pacific Growth reiterated its overweight rating on J2 Global Communications (JCOM).

Analyst Joe Noel says his confidence in the company's second quarter, and the rest of 2003, has risen after communicating with his contacts relating to the company. He says, while it's still early in the second quarter, revenues look to be tracking toward his projection for 7.8% sequential growth.

Noel sees 16.4 million in second-quarter revenues, and 43 cents earnings per share. He notes J2 Global, during the first quarter, began to notice cancellation rates were falling. Noel believes this trend is continuing in the second quarter. He sees little risk of a second-quarter earnings per share shortfall.

Along with his higher confidence, he finds the company's valuation attractive due to a 25% drop from the recent $36.50 52-week high.

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