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Citigroup Upgrades Packeteer

Citigroup upgrades Packeteer (PKTR) to buy from hold and raises his $16 target to $22.

Analyst Alex Henderson says his recent conversations with Packeteer, its peers as well as his field checks and CIO survey have provided increased confidence in its near-term outlook and have lessened longer-term competitive concerns.

That said, Henderson notes he has more conviction in Packeteer's ability to maintain a leadership position in fast-growing WAN traffic management market. He also notes, with high-end 10000 series launch in November, low-end 1200 series, and 7.1 Security software in February, he now sees new products driving 2005 revenue growth.

He keeps his 56 cents 2005 earnings per share and 65 cents 2006 estimates.

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