CS First Boston Keeps 'Buy' on JD Edwards

Analyst Brent Thill says earnings second were very strong in a challenging environment

CS First Boston reiterates buy on JD Edwards (JDEC ).

Analyst Brent Thill says second quarter results were very strong in an unpredictable, challenging application-spending environment. He notes the company's cost management over the last several quarters was particularly strong. He says the company's execution remains very good, even in extremely difficult markets.

However, Thill notes the company tempered its outlook heading into the third quarter. He sees $0.23 fiscal 2002 EPS, and cut his $0.35 fiscal 2003 estimate to $0.28. Thill thinks the stock is attractive at current levels, even with his tempered outlook; he says lower guidance is already baked into the stock. Thill has a $19 12-month target.

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