Wedbush Morgan Upgrades VeriSign (VRSN) to Buy
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Wedbush Morgan upgrades VeriSign (NASDAQ: VRSN) from Hold to Buy with a $36 price target.
The firm said, "While VeriSign may experience modestly slower growth for its domain name and SSL certificate units, given our belief there is minimal risk to new expectations, the company is over-delivering on margins, and expects a positive impact from share repurchases, we see opportunity at current levels. We also continue to like the solid growth and visibility of VeriSign’s business model. Our target is based upon our DCF analysis plus $3 for discontinued operations. This represents a 22x multiple on our 2009 pro forma EPS estimate of $1.48 after adjusting for the $3 for the discontinued ops. This is a slight premium to our estimated long-term earnings growth rate of 21%."
The firm believes that VRSN's $1 billion of share repurchases at its disposal could improve the firm’s 2009 EPS estimate by $0.11. Also, they see about $0.15 benefit to their unpublished 2010 estimate.
VeriSign, Inc. provides intelligent infrastructure services that enable and protect interactions of voice and data networks.
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