ACCL: Newbridge Securities Initiates Coverage on Accelrys (ACCL)
With a Buy Rating and $9 Price Target
FORT LAUDERDALE, Fla., March 14 /PRNewswire/ -- J. Andrew Braswell, equity
analyst with Newbridge Securities Corporation ("Newbridge"), has initiated
coverage on Accelrys, Inc. (NASDAQ:ACCL), with a "Buy" rating and a 12 month
price target of $9.
Accelrys, Inc. is a major developer and provider of molecular modeling and
simulation and informatics software used for research in the life sciences and
materials sciences industries, along with general nanotechnology R&D. Molecular
modeling refers to the graphical representation of materials structure at the
atomic or molecular scale. These visual models are based on known mathematical
data which describe the system. Simulation involves computations utilizing
these data combined with certain assumptions to allow scientists to predict
changes in structure, properties and behavior. Informatics software enables the
storage, management and mining of the immense amounts of data utilized during,
and generated through, modeling and simulation.
Mr. Braswell stated: "We believe Accelrys is a sound nanotechnology play. With
$59.1 million in gross cash and no long-term debt, Accelrys has arguably the
cleanest balance sheet among our coverage universe of companies in the nanotech
space. The company also has a large, stable base of blue chip customers in the
pharmaceutical and materials industries. The current valuation does not reflect
the company's strong financial position and growth potential. Shares of
Accelrys are currently undervalued, in our opinion, trading at 2.0x and 1.6x
our FY05 and FY06 revenue estimates, respectively. Our $9 price target is based
on a 2.9x price/revenue multiple to our FY06 revenue estimate." About Newbridge Securities Corporation Newbridge is a full-service securities brokerage firm and investment bank
(Member NASD & SIPC, CRD# 104065) and a subsidiary of Newbridge Financial,
Inc., an integrated financial services company. The Newbridge Institutional
Research department specializes in the analysis and coverage of companies that
have strategic focus on nanotechnology. Newbridge Research has established the
Newbridge Nanotechnology Index (NNIX) which currently consists of 24 companies,
and is reconstituted and rebalanced each fiscal quarter. Newbridge Research
also publishes a quarterly report entitled "Inside Nanotechnology," which
reviews the growing presence and impact of nanotechnology, as well as certain
of the companies listed on the NNIX. More information is available at our
websites http://www.newbridgereports.com/ and
http://www.newbridgesecurities.com/.
Safe Harbor Statement This news announcement may contain "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. Such forward-
looking statements involve known and unknown risks, uncertainties and other
factors which may cause actual results, performance and achievements of the
company to be materially different from any future results, performance or
achievements expressed or implied, such as a difference including, but not
limited to, those discussed in Management's Discussion and Analysis of the
Financial Condition and Results of Operation in the Company's Annual Report on
Form 10-K filed by the company with the Securities and Exchange Commission.
For important disclosures please visit:
http://www.newbridgesecurities.com/index_disclosure.htm. Additional information
is available upon request. DATASOURCE: Newbridge Securities Corporation CONTACT: David M. Keiter, Director of Research, for Newbridge Securities Corporation, +1-877-447-9625 Web site: http://www.newbridgereports.com/ http://www.newbridgesecurities.com/ http://www.newbridgesecurities.com/index_disclosure.htm
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