Media Contact:
Danielle Dietz
(704) 383-5392
Analyst Contact:
Jason Maynard
(213) 337-2226
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October 02, 2000
First Union Securities Reiterates Strong Buy on BEA Systems
Positioned to be the de facto standard in e-business platform space
SAN FRANCISCO - First Union Securities' Senior Internet Software analyst Jason Maynard today reiterated his Strong Buy rating on BEA Systems and raised his price target to $110 from $80. Today's move is based on the belief that the company is at an inflection point in its business and is poised to emerge as the leader in the e-business platform space.
"Feedback from our diligence efforts and channel investigation indicates that BEA is experiencing a tremendous third quarter and will post results well ahead of our estimates," noted Maynard. "Bea Systems is ideally positioned for tremendous success in the exploding Java market and enterprise e-business buying cycle."
Maynard further noted, "In our view, the company is in an environment analogous to the early 1990s database market and is in excellent position to become the de facto standard vendor of the application server market. It is our opinion that BEA is at the forefront of a business breakout as it establishes its dominance as the leading e-business applications platform and then moves into the horizontal application component markets."
Other companies currently under coverage by Mr. Maynard include: Art Technology Group (NASDAQ: ARTG), Broadbase Software (NASDAQ: BBSW), BroadVision (NASDAQ: BVSN), E.piphany, Inc. (NASDAQ:EPNY), Interwoven, Inc. (NASDAQ: IWOV), Kana Communications (NASDAQ: KANA), Primus Knowledge Solutions (NASDAQ: PKSI), and Vignette Corp. (NASDAQ: VIGN).
First Union Securities Equity Research division currently has nearly 50 senior analysts covering approximately 500 companies in nine main sectors: Communications & Technology, Real Estate, Healthcare, Industrial, Energy, Consumer, Furnishings & Textiles, Financial Services, Business Services.
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