Needham Downgrades Cogent

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FEBRUARY 23, 2005

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WORD ON THE STREET

Needham Downgrades Cogent
Analyst Joseph Craigen sees good things for the fingerprint biometrics company but says it is anticipating its positive outlook and earnings estimate

Needham downgrades Cogent (COGT ) to hold from buy.

Analyst Joseph Craigen says fourth-quarter revenues beat his estimate by $3 million and earnings per share was a penny above his estimate.

He sees good things ahead for the company with its backlog and high probability backlog will translate into revenues. He notes the company's backlog rose to $127 million from $47 million a year ago. Also, he says the company cited an increase in radio finger printing activity and an improved pipeline.

However, he is concerned that the stock is anticipating much of its positive outlook and it's currently valued at cash-adjusted p-e of 60 times his 55 cents 2005 earnings per share estimate. Therefore, he downgrades Cogent, although he raises his $152 million 2005 revenue estimate to $157 million.

All of the views expressed in this research report accurately reflect the research analyst's personal views regarding any and all of the subject securities or issuers. No part of analyst compensation was, is or will be, directly or indirectly related to the specific recommendations or views expressed in this research report.
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