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.
SOURCE Newbridge Securities Corporation