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Wedbush Morgan Upgrades Secure Computing

Wedbush Morgan upgrades IT security vendor Secure Computing (SCUR) to hold from buy.

Analyst Horacio Zambrano thinks the cmopany's strategy in taking its brand name down market and transitioning to an all-in-one appliance market is working and gaining momentum in channel.

According to his checks, the Federal market looks strong, unlike a year ago, and the channel is incrementally more positive on authentication products. He believes McAfee will use Secure Computing's SmartFilter product as part of its announced all-in-one appliance in the third quarter.

Zambrano ups his $107 2005 revenue estimate to $110 million and his $121 million 2006 revenue to $128 million. He also raises his 49 cents 2005 earnings per share to 50 cents and his 58 cents 2006 earnings per share estimate to 63 cents. He ups his $10 target to $14.

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