CryptoLogic "buy," target price raised

11/08/04 - Canaccord Capital

NEW YORK, November 8 (newratings.com) - Analysts at Canaccord Capital reiterate their "buy" rating on CryptoLogic (CRYP), while raising their estimates for the company. The target price has been raised from $20.75 to $21.50.

In a research note published this morning, the analysts mention that the company reported its 3Q04 revenues and EPS ahead of expectations. The upside was driven by the accelerated growth of CryptoLogics’ Poker business, the analysts say. The company’s healthy cash flow position would enable it to maintain its dividend distribution levels in the near future, Canaccord Capital adds. The F2004 EPS estimate has been raised from $0.85 to $0.94.