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Sanders Morris Upgrades ViaSat to Strong Buy

Sanders Morris upgraded ViaSat (VSAT) to strong buy from buy.

Analyst Steve Mather says first-quarter results, while generally in line with estimates, featured record revenues for a sixth consecutive quarter. He notes new orders are strong, suggesting continued growth ahead for the provider of communication systems for government organizations.

Mather cites two core reasons for the upgrade: 1) solid internal-control systems, which are likely to continue to fuel good management decisions; 2) a strong sales funnel, which promises to support continued growth while offering the ability to mitigate a slowdown in any one product line.

Mather also believes valuation is reasonable. He trimmed the 75 cents fiscal 2005 (Mar.) earnings per share estimate to 71 cents to accomodate an effective higher tax rate.

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