First Albany initiated coverage of Altiris (ATRS) with buy.
Analyst Damian Rinaldi says Altiris' products are broadly installed, and provide the foundation for expansion into adjacent markets spanning other technologies, information-technology functions, or both. Rinaldi sees almost 50% growth in 2003 revenue to $94 million, with pro forma earnings per share tripling to 48 cents.
Rinaldi sees a further 23% revenue expansion in 2004, and 25% pro forma earnings per share growth to 60 cents. He established an $18 target, based on shares trading at 30 times his 60 cents 2004 earnings per share (pro forma) estimate, and the projected 30% earnings per share growth over three years.