Jefferies Upgrades WebEx
Jefferies upgrades WebEx (WEBX ) to buy from accumulate on recent price weakness, along with confidence in its future earnings upside.
Analyst Peter Martin says he's confident in the company's ability to maintain its leadership position in the virtual meeting marketplace due to the genesis of its product's architecture. He thinks the company's architecture will allow it to differentiate itself from the competition over the next 24 months as it rolls out new features and functionality.
At these lower trading levels, he would encourage investors to aggressively buy shares of WEBX due to the long-term positive aspects of its business model. He sees EPS of $0.27 in 2002 and $0.38 in 2003. He has a $30 price target.