Piper Jaffray Comments ARBA, MACR, PHCM, SWCM, BVSN and CNXT
By: US Bancorp Piper Jaffray
10/19/00 7:52:00 AM
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Estimate Changes
Ariba, Inc. (ARBA – $127 1/16)
Buy; EPS 01E $0.16; Mkt Cap $36,594.0M; Avg Vol 10,546,241
Ariba Reports Another Blow-Out Quarter, Breaking Even and Generating $65 Million in Cash. We Are Raising Estimates and Reiterating Our Buy Rating
Quote Snapshot
MACR 76.75 7.75
ARBA 116.94 -10.13
SWCM 153.25 20.13
CNXT 27.88 1.56
PHCM 95.97 12.28
BVSN 26.13 1.38
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Macromedia, Inc. (MACR – 69)
Buy; EPS 00E $0.56, 01E $1.10; Mkt Cap $3,917M; Avg Vol 850,000; FY01 PE/Growth 1.7x; Target $93 (11x ’01 Rev., 69.4x PE)
Macromedia Reports Strong Quarter with Success of Flash 5; Reducing FY2001 Revenue Estimate and Initiating FY2002 Estimates; Initiating $93 Price Target; Reiterate Buy Rating
Phone.com, Inc. (PHCM – 83 11/16)
Strong Buy; EPS 01E ($0.49), 02E $0.20; Mkt Cap $6,887.5M; Avg Vol 2,679,604; Target $143 (25x 2002 Rev.)
Strong First Quarter 2001 Results; Revenue of $46.5 Million Exceeded Our Estimate By 30%; Subscriber Growth Increased 72.5% Sequentially To 6.9 Million Subscribers
Software.com, Inc. (SWCM – 133 1/8)
Strong Buy; EPS 00E $0.30, 01E $0.40; Mkt Cap $7,707.9M; Avg Vol 723,620; Target $165 (45x 2001 Rev.)
Excellent Third Quarter; Revenues Of $37.6 Million Well Ahead Of $31.5 Million Estimate
Other Comments
BroadVision (BVSN – 24 3/4)
Buy; EPS 00E $0.17, 01E $0.28; Mkt Cap $6,593M; Avg Vol 16.0M; FY01 PE/Growth 1.8x; Target $37 (16x FY2001 Rev.)
BroadVision Reports Strong September Quarter Capitalizing On Continued Strength In e-Business Infrastructure Software Market; Raising FY2000 Revenue Estimate; Initiating $37 Price Target; Reiterate Buy Rating
Conexant Systems, Inc. (CNXT – 26 5/16)
Buy; EPS 01E $0.70; Mkt Cap $6,789M; Avg Vol 5.60M; FY01 PE/Growth 1.5x Is There A Silver Lining?
This material is based on data obtained from sources we deem to be reliable; it is not guaranteed as to accuracy and does not purport to be complete. This information is not intended to be used as the primary basis of investment decisions. Because of individual client requirements, it should not be construed as advice designed to meet the particular investment needs of any investor. It is not a representation by us or an offer or the solicitation of an offer to sell or buy any security. Further, a security described in this publication may not be eligible for solicitation in the states in which the client resides. U.S. Bancorp and its affiliated companies, and their respective officers or employees, or members of their families, may own the securities mentioned and may purchase or sell those securities in the open market or otherwise. In the United Kingdom, this report may only be distributed or passed on to persons of the kind described in Article 11(3) of the Financial Services Act 1986 (Investment Advertisements) (Exemptions) Order 1996 (as amended by the Financial Services Act 1986 (Investment Advertisements) (exemptions) Order 1997). Securities products and services offered through U.S. Bancorp Piper Jaffray Inc., member of SIPC and NYSE, Inc., a subsidiary of U.S. Bancorp.
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