America's Growth Capital Resumes SonicWall (SNWL) with a $10.30 Price Target
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America's Growth Capital resumes coverage of SonicWall (Nasdaq: SNWL) with a $10.30 price target.
The firm said, "One of the key elements of the Company's business strategy has been its ability to expand into higher growth markets with end-to-end products and improve product features with acquired and organically developed technology. For FY08 we estimate revenue at $230.1 million, up 15% year-over-year. This is in-line with Infonetics Research forecasts for security appliances, email messaging, and SSL-VPN to growth at 15%, 20%, and 38%, respectively."
In addition, the company's $200 million stock repurchase program is in effect until 2008 and an additional 4.5 million shares are expected to be repurchased in Q2 2008.
SonicWall develops and manufactures network security, Web and email security, secure remote access, continuous data protection, backup and recovery, and policy and management solutions for the SMB and enterprise networks with < 15,000 users.
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