3SOF

IONA update:
IONA Technologies "buy," estimates reduced

Thursday, April 05, 2007 4:58:54 PM ET
Wedbush Morgan Securities
NEW YORK, April 5 (newratings.com) - Analysts at Wedbush Morgan reiterate their "buy" rating on IONA Technologies Plc (ticker: IONA), while reducing their estimates for the company. The 12-month target price is set to $7.
In a research note published this morning, the analysts mention that the company has pre-announced its 1Q revenues short of the estimates and the consensus due to the slippage of two large deals. The analysts add, however, that at least one of the deals is expected to be closed during 2Q07. The EPS estimate for 2007 has been reduced from $0.22 to $0.21.