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Janney Montgomery Ups Network Associates to 'Buy'

Janney Montgomery upgraded Network Associates (NET) to buy.

Analyst Joel Fishbein says while the company's new guidance implies back-end loading of revenue growth, he thinks the guidance is achievable for a change. Over the last two quarters, Network Associates has resolved a number of overhangs, including restatements of past financials and a resolution of a class-action lawsuit.

Fishbein says he's encouraged by recent momentum in Network' Intrusion Prevention line of products, and its success in building out its distribution channel in its consumer business. He sees 13% sequential revenue growth for the fourth quarter. He raised the 54 cents 2003 earnings per share estimate to 57 cents, upped the 57 cents 2004 estimate to 70 centss, and raised the $13 target to $18.

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