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Needham Starts Cogent with Buy Rating

Needham & Company initiates coverage of biometrics-company Cogent (COGT) with a buy rating.

Analyst Joseph Craigen says he believes Cogent is well-positioned to capitalize on near-term opportunities in the government sector, with a comprehensive line of products for capturing and matching fingerprints. He notes the company differentiates itself from its competition with product portfolio that specializes in speed and accuracy as well as a long track record of fiscal discipline and profitability.

Craigen sees 38 cents 2004 earnings per share, 55 cents 2005 earnings per share, and sets a $26 12-month target. He says Cogent is not cheap at 33 teims his 2005 earnings-per-share estimate, but believes the valuation is warranted.

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