CS First Boston Ups Websense Estimates
Credit Suisse First Boston raised its estimates on Websense (WBSN ).
Analyst Todd Raker says the guidance exceeded his 16 cents earnings per share and $19 million revenue estimates. As such, he upped his 16 cents third-quarter earnings per share estimate to 18 cents, and upped the 67 cents 2003 earnings per share estimate to 71 cents. Raker also hiked the 71 cents 2004 earnings per share estimate to 83 cents, and raised the $16.50 target to $22.
Raker maintains his neutral rating, however, pending further details on some key metrics of the second quarter, which management likely will disclose when it posts second-quarter results on July 22. He says, while Websense seems to have strengthened its competitive position with the release of Websense Enterprise version 5, he's uncertain as to the extent that the second-quarter benefitted from a one-time impact from the spillover from the war in Iraq.