J.M. Dutton & Associates Announces Investment Opinion: Merant Speculative Buy Rating Maintained by Dutton & Associates.Business Editors NOTE TO EDITORS: The following is an investment opinion issued by J.M. Dutton & Associates EL DORADO El Dorado, legendary country of South America El Dorado (ĕl`dərä`dō, –rā`–) [Span.,=the gilded man], legendary country of the Golden Man sought by adventurers in South America. HILLS, Calif.--(BUSINESS WIRE)--Oct. 6, 2003 J.M. Dutton & Associates continues coverage of Merant, plc (Nasdaq:MRNT) (LSE LSE - Language Sensitive Editor :MRN MRN Motor Racing Network MRN Medical Record Number MRN Magnetic Resonance Neurography MRN Medicare Remittance Notice MRN Matières Radioactives Naturelles MRN Meteorological Rocket Network MRN Manufacturers Resource Network ), maintaining a Speculative Buy rating with a target price of $17.00. The 5-page report by J.M. Dutton senior analyst Aaron Lehman is available at www.jmdutton.com, and at Bloomberg, First Call, Zacks, Multex, and other leading financial portals Financial Portal A website that provides a variety of financial data and information, acting as an information hub for clients who are individual investors requiring timely financial news and data to make their investment decisions. . Merant's Q1 results were in line with our expectations. We were impressed im·press 1 tr.v. im·pressed, im·press·ing, im·press·es 1. To affect strongly, often favorably: with the revenue mix in Q1 towards the Company's higher-end products and the average deal size. It seems that Merant's mainframe offering, with its higher deal size, may impact one of its significant competitors in this area, Serena Software. We are impressed with management's progress in a difficult macroeconomic mac·ro·ec·o·nom·ics n. (used with a sing. verb) The study of the overall aspects and workings of a national economy, such as income, output, and the interrelationship among diverse economic sectors. environment. We believe that beginning later this year, the IT industry will begin to experience a meaningful business pick up that will build momentum throughout 2004. Merant should be an important beneficiary of this improving environment in light of its new products and business strategy. Its stock price may, on a short-term basis, already be reflecting a more robust environment. Yet given its strong customer base, well thought out business strategy, and strong balance sheet, we maintain our Speculative Buy rating. About Dutton & Associates Dutton & Associates is one of the largest independent investment research firms in the U.S., with over 60 companies under coverage. Its 21 analysts, primarily CFAs, have expertise in many industries. Dutton & Associates provides continuing analyst coverage of enrolled companies, and its institutional-quality research, estimates, and ratings are carried in all the major databases serving institutions and online investors. The cost of enrollment in our one-year continuing research program is US $28,000 prepaid pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. before commencement of our research activities. We
received $25,000 from the Company for coverage for the year, and do not
accept payment of our fees in company stock. Our principals and analysts
are prohibited pro·hib·it tr.v. pro·hib·it·ed, pro·hib·it·ing, pro·hib·its 1. To forbid by authority: Smoking is prohibited in most theaters. See Synonyms at forbid. 2. from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures and analyst background at www.jmdutton.com before investing. |
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