Canaccord Adams Reiterates a 'Buy' on Perficient (PRFT), Raises PT
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Canaccord Adams reiterates a 'Buy' on Perficient (Nasdaq: PRFT), raises price target from $9 to $13.
Canaccord analyst says, "With its solid cash generating engine proved defensible despite macro challenges, we see a return to growth as likely offering a more rapid EPS rebound than forecast given strong leverage on recent cost cutting (an upside factored in via an increased multiple applied to derive our target) and continued aggressive buybacks...Shares have rebounded solidly from macro-pressured lows in the $3-4 range, but remain sharply below prior highs in the $19-23 range despite clear signals that a rebound to growth is nearing. As such, we see strong upside to Perficient’s shares in 2010 driven by a return to solid growth for revenues and EPS. Our sharply increased $13.00 price target applies a 20x multiple to our 2010 adjusted EPS forecast of $0.50 and adds a cash reserve estimate."
To see more analyst ratings on PRFT Click Here.
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