Imperial Capital Reiterates Outperform on Digimarc Corporation (DMRC) Following 3Q
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Imperial Capital reiterated an Outperform rating and $47.00 price target on Digimarc Corporation (NASDAQ: DMRC) following the company's 3Q earnings report. Digimarc reported revenues of $5.6mn, slightly above estimates of $5.3mn. A large portion of the revenue increase was due to improved service revenue from the Central Banks. Management noted that revenues from its work with Central Banks are likely to increase during 2H16 and through FY17, largely due to increased program requirements.
Analyst Jeff Kessler commented, "We are maintaining our Outperform rating and our one-year price target of $47, about 60% above the recent share price. Digimarc is a leading digital watermarking company for the commercial and government markets and provides media identification and management solutions to customers in the U.S. and internationally. We believe the Digimarc Discover platform has potential to become a greater revenue generator in FY17 and leading into FY18."
Shares of Digimarc closed at $29.55 yesterday.
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