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Goldman Sachs adds BEA Systems (BEAS
) shares to its recommended list. The stock had been rated market outperform.
Analyst Thomas Berquist says he upgrades the stock on continued momentum for BEAS in the current fourth quarter. He also cites his new FY 03 (Jan.) estimates based on an improving outlook for the economy, and subsequently IT spending. He notes the overblown fears about the competition from larger competitors. He says the stock has attractive valuation relative to its peer group.
The analyst raises his $968.6 million FY 03 (Jan.) revenue estimate to $1.01 billion, and $0.30 EPS to $0.37. He sees $0.31 FY 02 EPS. He has a mid-$20s price target on the stock.