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Dutton Associates updates its coverage of Wave Systems (Nasdaq:WAVX) reiterating a Strong Speculative Buy rating and a $4.00 price target. The 17-page report by Dutton senior analyst R. Robert Goldman is available at www.jmdutton.com as well as from First Call, Bloomberg, Zacks, Reuters, Knobias, and other leading financial portals. Wave Systems is a leading provider of trusted computing (TC) solutions. Trusted computing solutions combine industry-standard hardware and software to ensure authentication, access control, and data protection, and limit identity theft. Trusted computers incorporate the use of a security chip known as a Trusted Platform Module (TPM), combined with related software tools, as a platform for computer and network security. With strong OEM relationships with other TC leaders such as Dell, Microsoft, Intel, Seagate, and Gateway, we believe that Wave is well positioned to take advantage of the expected broad acceptance and utilization of TC solutions over the next few years. Since it is early in the TC technology adoption cycle, the timing and magnitude of market penetration is difficult to predict. However, with 50 million TPMs shipped to date, recent trends suggest broad OEM, enterprise, and government interest in TC solutions. This activity leads us to believe that not only will meaningful penetration of TC solutions likely occur over the next 18 months, but that ultimately all personal computers will be incorporated as trusted computers, thus creating a multi-billion dollar market opportunity for Wave Systems. We believe that sales will initially be driven by the Company’s relationships with Dell, Gateway, and Seagate, with traction in the enterprise space to occur next year. We rate these shares Strong Speculative Buy with a 12-month price target of $4.00. About Dutton Associates Dutton Associates is one of the largest independent investment research firms in the U.S. Its 31 senior analysts are primarily CFAs and have expertise in many industries. Dutton Associates provides continuing analyst coverage of over 140 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors. The cost of enrollment in our one-year continuing research program is US $35,000 prepaid for 4 Research Reports, typically published quarterly, and requisite Research Notes. Dutton & Associates received $65,000 from the Company for 8 Research Reports with coverage commencing on 5/17/2005. We do not accept payment of our fees in company stock. Our principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note.
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