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To: 16yearcycle who wrote (27182)	1/29/2006 4:38:58 PM
From: Bill Harmond	Read Replies (1) \| Respond to of 57684

Name from the past IWOV: Strong Results/Guidance; Increasing Price Target To $13 Strong 4Q'05 results and 1Q'06 guidance increases our conviction that Interwoven has set the stage for revenue and operating margin growth acceleration in 2006 and 2007. Trading with an EV/Rev multiple of 1.6x FY'05 revenue, we believe IWOV shares are attractively valued for a growing, profitable software company. We are increasing our price target from $11 to $13, as we believe the potential for future upside surprises warrants an EV/Rev multiple of 2.5x TTM revenue vs. our prior 2x multiple. Nate Swanson, CFA - Content Technologies - 612-677-5755 - nswanson@thinkequity.com