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CSFB Raises Estimates for Computer Associates

Computer Associates International (CA) reported a fouth-quarter loss per share of 18 cents including charges. CS First Boston raised its estimates after the report.

Analyst John Rizzuto says the company's $801 million in fourth-quarter revenue beat his $790 million estimate. He says the most optimistic aspect of the company's guidance was $1.2 billion or higher fiscal year 2004 (March) operating cash flow forecast, above his $959 million estimate. He says CA remains well positioned among large systems management vendors, and he expects the company to derive an increasing portion of revenue from new products, particularly in security and storage.

Rizzuto sees EPS of 2 cents in the first quarter, and raised his 21-cent fiscal year 2004 forecast to 41 cents. He cites a better revenue mix and lower than expected expenses. He also raised his 12-month price target to $21. The analyst maintained a neutral rating.

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