CIBC World Upgrades Internet Security to 'Buy'

The provider of security management solutions posted stronger fourth-quarter operating results

CIBC World upgraded Internet Security (ISSX ) to buy.

Analyst Melissa Eisenstat says Q4 was ahead of her $0.06 estimate, and ahead of the $0.07 consensus. She upgraded based on a tighter organizational and product focus, which should enable the company to take advantage of growing demand for its sophisticated intrusion detection and vulnerability assessment products. She believes Internet Security will be able to better control expenses and expand operating margins. She says the expanding range of channels should enable the company to reach a broader range of customers. Eisenstat raised her $0.33 2002 EPS estimate to $0.58, and sees $0.85 for 2003. She set a $39 target.

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