Canaccord Adams Adds VistaPrint (VPRT) to Best Ideas List
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Canaccord Adams is out with a research note this morning on VistaPrint (Nasdaq: VPRT). The firm added VistaPrint to its Best Ideas list and maintained its Buy rating and $46 price target.
With shares of VistaPrint down about 16% from a recent high of $38.64, the firm believes investors have been giving a great buying opportunity as Canaccord sees its original thesis as still intact, despite the move. In fact, Canaccord says "the growth engine keeps firing on all cylinders." The firm attributes the recent decline to an overreaction by the market due to upside which "came up short of what we view as unreasonable out-performance expectations."
Canaccord lists several specific reasons to own shares of VistaPrint:
- a highly visible business model
- a unique value offering to small businesses which creates 20%+ price advantages
- sees tailwinds in both strong and weak economies
- an attractive valuation.
VistaPrint Limited provides graphic design services and customized printed products to small businesses and consumers online worldwide. [BCS]
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