Baird Upgrades FileNet to Outperform
Baird upgraded FileNet (FILE ) to outperform from neutral. Analyst Steven Ashley says the company's third-quarter results are due out Oct. 20 in the morning, apparently avoiding the pre-release shortfall that had been widely anticipated, following a second-quarter shortfall. He says delivering as-expected third-quarter results without the aid of any mega-deals would be encouraging. Regardless, avoiding the pre-release shortfall for the third quarter removes a meaningful potential negative from the story, he says. Ashley says he continues to believe FileNet possess attractive longer-term growth prospects. He is encouraged by prospects for improved sales leverage going forward. He sees earnings per share of 36 cents for 2004 and 60 cents for 2005. He has a $24 price target on the stock.
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