MANU started with OUTPERFORM coverage by Legg Mason, $23 target......
Legg Mason Research Initiates Coverage of the Enterprise Software Industry
BALTIMORE, Nov. 4 /PRNewswire/ -- Legg Mason Wood Walker, Inc. announced
today that it has initiated coverage of the enterprise software (ES) industry and has issued an in-depth research report by
Christopher S. Desautelle. The report, titled ''Enterprise Software: Facilitating the Evolution Toward Mission-Critical 'Webs',''
analyzes the entire spectrum of the enterprise software industry, from operating systems through enterprise resource planning
packaged applications. The report addresses key issues in the industry, highlights emerging high growth sectors, and provides
some of the key metrics investors should use when evaluating enterprise software investment opportunities. In particular, the
report highlights the three fastest growing enterprise software markets -- supply chain planning and execution software, enabling
software called middleware, and technology assisted selling software called customer relationship management software, all
three of which are benefiting from the emergence of the Internet as a communications enabling platform for mission-critical
enterprise applications.
Legg Mason Wood Walker, Inc. also initiated coverage of three additional enterprise software companies.
Manugistics (Nasdaq: MANU - 13 1/8)* Located in Rockville, Maryland, Manugistics is the second largest provider of supply
chain planning and execution software. Manugistics was given an investment rating of Outperform and a risk rating of
Above-Average, with a 12-18 month target price of $23 per share.
I2 Technologies, Inc. (Nasdaq: ITWO - 19 7/8)* I2, located in Irving, Texas, is the largest independent supply chain planning
and execution software provider. I2 was given an investment rating of Outperform and a risk rating of Above-Average, with a
12-18 month target price of $24 per share.
PeopleSoft, Inc. (Nasdaq: PSFT - 22 1/2)* located in Pleasanton, California, is a major vendor of so-called enterprise
resource planning (ERP) software. In addition, PSFT has moved aggressively into the supply chain planning and execution
market in recent years. PeopleSoft has been given an investment rating of Market Perform, and an above-average risk rating.
These three companies, which are all participants in the supply chain management software market, are in addition to coverage
of Software AG Americas (NYSE: AGS - news), a Reston, Virginia based enterprise software and middleware provider,
which is rated Buy, above-average risk with a $23 12-18 month price target and Deltek Systems, Inc. (Nasdaq: DLTK -
news), a McLean, Virginia provider of enterprise software products for project-oriented businesses, rated Outperform, above
average risk rating with a 12-18 month price target of $30.
The industry report provides in-depth descriptions and statistical analysis of the various segments of the enterprise software
industry. A companion report that specifically covers the Supply Chain Management Software market is also available.
Individual reports on the Buy and Outperform recommendations are also available, and include a discussion of the rationale for,
and risks of, investing in these companies' stocks.
Legg Mason Wood Walker, Inc. is the principal securities brokerage subsidiary of Legg Mason, Inc. (NYSE: LM - news),
with approximately 1,070 Financial Advisors in 110 offices along the East Coast from Maine to Florida and across the South
to Texas, plus affiliate institutional offices in San Francisco, London and Geneva. Legg Mason, Inc. is a financial services
holding company that provides security brokerage, discretionary asset management, investment banking and commercial
mortgage banking and related financial services through its wholly owned subsidiaries.
Legg Mason Wood Walker, Inc. makes a market in the shares of Manugistics, I2 Technologies, Inc., PeopleSoft, Inc., and
Deltek Systems, Inc.
*Prices are as of the close November 3, 1998.
SOURCE: Legg Mason Wood Walker, Inc.
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