Markets & Finance

Wachovia Upgrades Interactive Data


Wachovia upgraded Interactive Data (IDCO ) to strong buy from buy.

Analyst Asa Graves says the stock price has been pulled back to mid-teens since the $20.75 52-week high in late April. He says at Wachovia's conference in Nantucket on Friday, the company forecast 11%-13% 2002 revenue, and 11%-15% EBITDA growth.

Graves notes Interactive Data also stated that it has three to six months visibility out at any point during the year on 95%-97% of revenue. He also says the company continues to generate strong free cash flow with 60% of EDITDA flowing through to free cash.

Graves says at the end of the first quarter of 2002, the company had more than $85 millin cash and cash equivalents on its balance sheet, and no debt. He sees $0.64 2002 earnings per share and $0.80 for 2003; he has a $21 target.


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