Citi Reiterates 'Buy' on Omniture (OMTR), Sees Compelling Entry Point
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Citi reiterates a 'Buy' rating on Omniture Inc (Nasdaq: OMTR). Price target $30.
Citi analyst says, "OMTR posted a solid 2Q and reaffirmed FY08 guid while others lower expectations. The company has not seen any slowdown. Boding well for the future, both def rev (+152% y/y; 36% q/q) and avg contract bookings value growth (+~75% y/y) were strong helped by a +50% y/y increase in avg deal size. Heavy cap ex spending to ramp up some big new customers and flat q/q new customers weighed on the stock in the after hours. After hours indicated open of ~$18.50 provides a compelling entry point of 3.1x EV/FY09 rev for a company that should grow both top- and bottom-lines >30%."
Omniture, Inc. (Omniture) is a provider of online business optimization software.
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