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Morgan Keegan Keeps Outperform on Drexler Technology

Morgan Keegan reiterated its outperform rating on Drexler Technology (DRXR).

Analyst Brian Ruttenbur says he's encouraged by a large order of 256,000 memory cards to the Mideast, which he thinks is for Saudi Arabian national ID program. He's keeping the 25-cents fiscal 2005 (March) loss estimate and the 38 cents fiscal 2006 earnings per share estimate until there's more clarity on the shipment's timing for this order and more visibility on additional orders.

He says near-term catalysts include orders from the U.S. government; additional orders from the Italian government for a national ID card and for a new foreign worker card; more orders from Saudi Arabia; and orders from other countries making decisions on establishing biometric national ID programs, such as the United Kingdom and Russia.

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