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Canaccord Adams Reiterates a 'Buy' on LivePerson (LPSN); Raises PT & Estimates

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November 6, 2009 12:58 PM EST

Canaccord Adams reiterates a 'Buy' rating on LivePerson (Nasdaq: LPSN), raises price target to $9.

Canaccord analyst says, "LivePerson’s Q3/09 results were impressive across the board, with record revenues of $22.3M (up 8.4% sequentially) coming in well above our $21.8M forecast and guidance.
Record pro forma EPS of $0.08 were sharply above our $0.05 estimate and the prior record of $0.06...With revenues solidly above forecast and guidance for Q4/09 to maintain solid growth momentum, we have increased our Q4/09 revenue and earnings forecasts moderately, which in combination with upside Q3/09 results leaves 2009 well increased. We are initiating 2010 forecasts above consensus given the strength in recent results...Exiting 2010, we believe shares could support a multiple of between 20-25x, which at the high-end (accounting for the fact that our 2010 forecast is only inline with current run-rate EPS levels) yields our new price target of $9.00 (applied to 2010 pro forma EPS plus a cash per share reserve estimate)."

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