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Baird Upgrades Westell Technologies

Baird upgrades broadband access products company Westell Technologies (WSTL) to outperform from neutral.

Analyst Kenneth Murth says his upgrade is due to solid fourth-quarter results, good guidance, new product cycle for fiscal 2006 (ending March), SBC conferencing extension (CPI division), and low valuation relative to peers.

He notes $78.2 million revenues and 12 cents operating earnings per share compare with his $77.8 million and 11 cents estimates, respectively. He says the upside came from slightly higher gross margin and lower operating expenses.

Murth raises his $311 million fiscal 2006 revenue to $314 million and 43 cents earnings per share to 50 cents due to increased expectations for BellSouth DSL adds and expanding margins. He sets $361 million fiscal 2006 revenue and 60 cents earnings per share estimates. He maintains a $9 target.

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