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First Albany Upgrades Blue Coat Systems


First Albany upgrades web security appliance company Blue Coat Systems (BCSI).

Analyst Scott Zeller says he is upgrading Blue Coat Systems to buy from neutral with a $30 price target.

He bases his upgrade on several risk factors being mitigated in the past several weeks, solid fourth-quarter results, strong forward guidance, and continued positive field checks on Blue Coat Systems products.

Zeller notes several cautionary points on Blue Coat Systems have been addressed, including Sarbanes-Oxley, costs of lawsuits, and third-party revenues. He says, while risk remains (SEC), he believes there has been substantial improvement in the risk/reward profile at Blue Coat Systems.

He raises his 70 cents fiscal 2006 (ending April) earnings per share estimate to $1.03, and sees $1.60 fiscal 2007 earnings per share.


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