First Albany Keeps 'Strong Buy' on Peregrine

Analyst Damian Rinaldi says the software comany's deal to acquire Remedy Corp. is a positive one

First Albany reiterates strong buy on Peregrine Systems (PRGN ).

Analyst Damian Rinaldi says the deal will be accretive to Peregrine's EPS and says the transaction consolidation of the company's core business gives Peregrine the wherewithal to extend into other areas. He notes the small-size and medium-size segment is dominated by Remedy, while Peregrine is a high-end player.

Rinaldi sees $0.68 fiscal 2002 (March) EPS, and sees $0.89 for fiscal 2003. He has a $42 target.

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