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WR Hambrecht Starts Novell with Buy

WR Hambrecht initiated coverage of Novell (NOVL) with buy.

Analyst Victor Raisys says he recently announced a Linux strategy turning point for Novell, with the potential network effect on other portions of the business not fully appreciated yet by the market. He notes the new strategy stops the recent Netware decline, enables Linux growth within the company, and drives the server infrastructure-applications business.

Raisys says support of vendors like IBM will increase the network effect that helps other portions of the company's business. He sees the story really kicking in in the second half of 2005. He sees 16 cents fiscal 2004 (Oct) non-GAAP EPS, and 31 cents fiscal 2005 EPS. He set an $11.50 target.

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