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Sunday, April 02, 2006 10:45:54 AM
02.4.06 | 16:53 By Shirley Yom-Tov
Analysts at Merrill Lynch are warning Radware investors to expect a weak first quarter. The warning was given on Friday, when shares in the firm dropped 13% on NASDAQ.
Analysts fear that Wall Street's expectations of $ 22.4 million are too high. They estimate that while the company will the miss revenue forecast, it will still be able to report net income of $ 0.13 per share, a total of $2.6 million.
Merrill Lynch suggested that one of the reasons for missing the target was management change in the United States. Radware recently named Larry P. Marino as President of Radware Inc. its U.S. operation. While Marino comes over from telecom giant AT&T, it is possible that the upheaval resulted in lower sales.
Merrill Lynch continues to rate the shares as a "buy". Their price target of $ 23.5 implies a 34% gain this year. "Radware's position should improve in the second half of the year, so we are not changing our forecast. Radware is trading at a multiple of only 8 times forecasted revenue for 2007, so that the risks are already reflected in the price."
http://www.haaretz.com/hasen/spages/701564.html
Dubi
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