Ellie Mae (ELLI) Weakness is a Buying Chance - Needham & Company

November 1, 2013 9:00 AM EDT
Get Alerts ELLI Hot Sheet
Price: $82.42 +0.01%

Rating Summary:
    11 Buy, 7 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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Needham & Company analyst Michael Huang reiterated a Buy rating and $37 price target on Ellie Mae (NYSE: ELLI) saying the "shoe finally drops, which creates the opportunity for the shares to work."

"Q3 performance (and the lowered F13 guidance) was uncharacteristically disappointing, but by no means a disaster given most investors likely were expecting the "shoe to drop" given the severe mortgage refinance headwinds throughout the quarter," Huang said. "With shares notably weaker in after-market trading (down 17%), we’d be aggressive buyers of this weakness, given no changes to our long-term thesis and given a number of silver-lining positives which could set up shares to work nicely through F14, especially as loan volumes are expected to bottom out in 4Q13."

The firm lowered FY 2013 EPS from $1.10 to $0.98 and FY 2014 EPS from $1.32 to $1.01.

For an analyst ratings summary and ratings history on Ellie Mae click here. For more ratings news on Ellie Mae click here.

Shares of Ellie Mae closed at $28.90 yesterday.

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