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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 690.27

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Dec 26 4:00 PM EST

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To: Johnny Canuck who wrote (40791)	3/9/2004 2:12:31 AM
From: Johnny Canuck	Read Replies (1) of 69255

07:17 VRTS: Veritas mentioned positively in Barron's (30.66 ) Barron's story indicates that Veritas (VRTS) could be poised for a rebound. The former highflier isn't likely to return to inflated pre-bubble altitudes, but it could climb back to approach January's 52-week high of 40.68. Stock got slammed after its Q4 earnings call, but Merrill Lynch software analyst Shebly Seyrafi points out that the slower license growth is being compared to an extremely robust Q4 of last year. "I think investors overreacted. It wasn't as bad as people might think," says Mr. Seyrafi, who upgraded his rating to Buy on Thursday after speaking with Veritas CFO Ed Gillis on the previous day. "His body language was rather positive. He is communicating that there is some upside to his guidance," says Mr. Seyrafi, whose 12-month target is 38. Mr. Seyrafi is counting on a strong pipeline of bigger deals and higher operating margins as the company closes in on $2 bln in sales for 2004, which implies annual licensing-sales growth of about 9%. Several other brokerage analysts upgraded the company in recent weeks, and Goldman Sachs initiated coverage recently, citing a price target of 37. According to the article, on top of potentially better-than-expected sales, Veritas could finally begin to reap some benefits from recent acquisitions -- something Mr. Seyrafi didn't necessarily factor into his rosier outlook. In addition Veritas plans to announce early this week that it has forged a partnership with systems consultant BearingPoint, involving its applied performance-management, or APM products.

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