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Raymond James Ups Brooktrout to 'Strong Buy'

Raymond James upgraded Brooktrout (BRKT) to strong buy from market perform.

Analyst Mike Latimore says his upgrade is based on: the strong third quarter, good trends among Brooktrout's brethren such as NMS Communications and AudioCodes, improving information-technology and communication spending patterns, a buyback program, and the stock's 50% discount to peers.

Latimore says Brooktrout overcame the historical third-quarter seasonality (weakness). He thinks the company will remain profitable now, and retain a strong position in its target markets of computer-based faxing, speech recognition, voice messaging, call centers, and voice-over packet applications.

He narrowed the 41 cents 2003 loss estimate to an 8 cents loss, and raised the 37 cents 2004 loss to 22 cents earnings per share. He set a $17 price target.

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