Jefferies Raises Price Target on MDC Partners (MDCA) Following Announcement Surrounding SEC Investigation
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Jefferies reiterated a Hold rating on MDC Partners (NASDAQ: MDCA), and raised the price target to $4.00 (from $3.50), after management announced that it had reached an "agreement in principle" to resolve the ongoing SEC investigation.
Analyst John Janedis commented, "MDCA mgmt spoke at a conf. today and announced that it had reached an "agreement in principle" to resolve the ongoing SEC investigation. The company admitted to no liability and is not restating any financial statements, but will pay a $1.5M civil penalty to the SEC. Today's announcement removes a significant overhang on the stock, at a reasonable cost - next stop, tone of business."
Shares of MDC Partners closed at $3.95 yesterday.
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