Janney Montgomery Upgrades Packeteer to 'Hold'
Janney Montgomery upgraded Packeteer (PKTR ), a provider of application traffic management systems, to hold from sell.
Analyst Richard Sherman says Packeteer has fallen to his $16 target price, and therefore he upgraded. He reiterated the $16 target, which is based on 38 times the fully taxed 43 cents 2004 earnings per share estimate.
Sherman notes this target price also equates to 30 times his 54 cents 2005 earnings per share estimate, which carries a 15% tax rate, and 5.2 times projected sales. He believes these multiples adequately reflect the company's narrow but differentiated product portfolio and its excellent distribution channels.
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