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Wedbush Morgan Ups Opinion on Ulticom

Wedbush Morgan raised its investment recommendation on Ulticom (ULCM ) to buy from hold on Thursday, after the software company posted quarterly results.

Analyst Scott Sutherland said that Ulticom's 9 cent second quarter earnings per share (pro forma) beat his consensus estimate by 2 cents on higher-than-expected revenue, lower expense, and higher interest income. He said the company raised its third quarter fiscal year 2006 (ending January) earnings per share guidance to 9 cents and 35 cents, respectively, on the strength of solid end-markets. Sutherland sees improving macroeconomic trends in the company's three key segments of payment, switching, and messaging. Given positive trends, upside results, improved guidance, and improved visibility, he raised his 30 cent fiscal year 2006 earnings per share estimate to 35 cents, his 38 cent fiscal year 2007 earnings per share estimate to 47 cents, and boosted his $10.50 price target to $13.50.

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