Auriga Starts Blue Coat Systems (BCSI) at Buy
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Auriga initiates coverage on Blue Coat Systems (Nasdaq: BCSI) with a Buy rating and $20 price target, citing a return to double-digit earnings growth in FY10 and beyond.
The firm said, "Crisper execution and a more stable macro environment should help Blue Coat Systems move beyond the headwinds of the past year. We look for a return to double-digit earnings growth in FY10 and beyond, following a difficult FY09. In addition, favorable industry trends, improved sales coverage and long-awaited accretion from the July 2008 Packeteer acquisition should drive an improvement in the operating margin. As IT spending recovers to more normalized levels, Blue Coat’s dominance in the secure gateway space and WAN optimization leaves the company well-positioned to capitalize on industry growth prospects. With the stock trading below its historical P/E and EV/S averages, we consider the shares attractive at current levels."
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