Deutsche Bank Upgrades Secure Computing (SCUR) to Hold
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Deutsche Bank Upgrades Secure Computing (SCUR) from Sell to Hold with a $4.50 price target.
The firm said, "Our Sell thesis was based primarily on 1) macro and government headwinds in 1H08, 2) elevated consensus expectations for 2008, and 3) a premium valuation. Expectations have been reset after their 1Q miss and valuation is now in-line with the group."
The firm believes that the new CEO's strategy to focus on web and messaging security, the core growth areas, while selectively addressing opportunities in application firewalls and authentication can have a positive impact. However, the firm remains cautious on overall IT spending trends due to its channel checks. Overall, due to the tough environment and significant decline in the stock, Deutsche believes risk/reward is balanced.
Secure Computing Corporation provides enterprise gateway security solutions in the United States.
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