Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Markets & Finance

Raymond James Upgrades Blue Coat Systems


Blue Coat Systems (BCSI) posts first-quarter earnings per share (GAAP basis) of 24 cents, vs. 13 cents, on a 58% revenue rise. The maker of secure proxy appliances for Internet security functions sees second-quarter EPS of 23-28 cents on 9%-12% sequential revenue rise. Raymond James upgrades to strong buy from outperform.

Analyst Jonathan Ruykhaver says $33.4 million first-quarter revenues beat his $32.6 million estimate, and 27 cents operating EPS beat his 22 cents estimate. He cites continued robust demand for the company's core ProxySG appliance family and growing demand for its newer products.

Ruykhaver says strength in first-quarter results reflects the company's increased investment in sales and marketing, which has heightened brand awareness in the marketplace. He notes the company currently has few direct competitors.

He ups second quarter, fiscal year 2006 (April), and fiscal year 2007 EPS estimates to 27 cents, $1.16, and $1.50 from 25 cents, $1.08, and $1.42, respectively. He set a $42 price target on the stock.


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus