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Jefferies Sees Messy Transition at Velti (VELT) But Keeps 'Buy' Rating

January 31, 2013 3:07 PM EST Send to a Friend
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Price: $0.06 --0%

Rating Summary:
    3 Buy, 7 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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Jefferies slashed its price target on Velti (NASDAQ: VELT) from $12 to $8 but is keeping a Buy rating on the name following yesterday's 25% sell-off on cautious analyst day comments.

Commenting on the analyst meeting, Jefferies notes: "Velti focused on their platform and substantial opportunity. Despite 2013 capex being -50% Y/Y, we believe comments about H1 investments, poor Q1 FCF seasonality, and 2013 EBITDA being down Y/Y due to the divestiture will weigh on the stock. We cut our ests and target to $8. We think the messy transitions will yield more consistent execution but patience will be needed."

The firm cut FY13 EPS estimates from $0.81 to $0.50.

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

Shares of Velti closed at $4.09 yesterday.




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