05/04/11 10:46 am ET ... S&P REITERATES
STRONG BUY OPINION ON SHARES OF NICE
SYSTEMS (NICE 37.27*****): Q1 earnings per
ADS of $0.47, vs. $0.38, beats our $0.45 view, on
15% sales growth.We are encouraged by
strong 23% enterprise product sales growth,
and believe NICE's customer interaction solutions
are becoming top business spending priorities.
We also foresee demand for security
products accelerating as the year progresses.
We estimate NICE's free cash flow generation
yield at an above-peer 6%, and note that cash
equals $10 per share.We raise our '11 earnings
per ADS estimate by $0.04 to $2.16 and our
12-month target price by $3 to $45, a peeraverage
21X that estimate. /A.Bensinger