Brean Capital Reiterates Buy on Electronics for Imaging (EFII)
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Brean Capital reiterated a Buy rating and $60.00 price target on Electronics for Imaging Inc. (NASDAQ: EFII). The Sep Q will provide both the first Q and a full Q of Organic Reggiani & Matan. Brean Capital believes that the degree to which EFI will benefit from product cycles across the board heading into 2017 isn't yet fully appreciated.
Analyst Ananda Baruah commented, "We believe that SGIA underscores what we believe is an inherent under-appreciation in the EFI story through '17. Namely, that the strength & health in the core Display Graphics segment (we believe potentially 35% - 40% of EFI revenue) remains substantive at (high-single digit organic growth), but has been masked as EFI has increasingly moved traditional VUTEK jobs to the newly acquired Reggiani platforms (Textile for soft-signage) and Matan (superior roll-to-roll tech), which has served to simultaneously capture jobs while in essence forcing down organic growth greater than anticipated. Our $60 TP reflects a 1.0x PEG (or 20x) the $3.00 in CY17 EPS we believe EFI can achieve on 10%+ organic revenue growth."
Shares of Electronics for Imaging Inc. closed at $48.70 yesterday.
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