Endace "buy," target price raised

06/20/07 - Panmure Gordon & Co

LONDON, June 20 (newratings.com) - Analyst Nick James of Panmure Gordon maintains his "buy" rating on Endace (EDA). The target price has been raised from 350p to 540p.

In a research note published this morning, the analyst mentions that the company’s share price has appreciated by 200% since April, following the announcement for a large initial order for the NinjaProbe. Endace has a long way to go in terms of securing engineering resource and closing large deals for the future NinjaProbe products, the analyst says. If the company is able to execute these tasks impeccably over the next two years, it is likely to generate around $30 million in revenues in FY08 and $50 million in FY09, Panmure Gordon adds.