Endace "buy," target price raised

05/22/07 - Panmure Gordon & Co

LONDON, May 22 (newratings.com) - Analyst Nick James of Panmure Gordon reiterates his "buy" rating on Endace (EDA). The target price has been raised from 215p to 305p.

In a research note published this morning, the analyst mentions that the company has posted robust FY07 results, with revenue growth of 54% and operating margins of 21%. Endace’s shift to Ninja appliance sales is ramping well, and the company’s prospects for FY08 and beyond appear bright, the analyst says. The promotion of Mike Riley to the position of CEO is favourable for the company, Panmure Gordon adds.