ACCL: Newbridge Securities Initiates Coverage on Accelrys (ACCL) With a Buy Rating and $9 Price Target

Mar 14, 2005, 00:00 ET from Newbridge Securities Corporation

    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
     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 and
     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.
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 information is available upon request.

SOURCE Newbridge Securities Corporation