Blue Coat Systems (NASDAQ: BCSI) is seeing shares surge in early pre-market trading after its earnings release.
The data monitoring company posted earnings of $0.38 non-GAAP EPS on a 73% revenue jump to $81.4 million, while First Call estimates were $0.33 EPS and $80.1 million. It also gave a forecast of $0.37 to $0.41 EPS on revenues of $88 to $91 million, while First Call has estimates at $0.35 EPS on $85.2 million.
The most recent analyst calls have been positive, and Lazard Capital and Brean Murray have both just started this with a Buy over the last two weeks. We have an average current analyst target price of $38.57, so even with this jujmp in shares its stock price is well under "valuation limits: from the current analyst crowd.
Shares are trading up some 12% at $32.00 in early pre-market trading.
Jon C. Ogg
February 21, 2008