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
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
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achievements expressed or implied, such as a difference including, but not
limited to, those discussed in Management's Discussion and Analysis of the
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SOURCE Newbridge Securities Corporation