Jefferies Tweaks Numbers on Vistaprint (VPRT): Paltry Outlook Overshadows Superb Quarter
Tweet
Share
E-mailGet Alerts VPRT Hot Sheet
Price: $67.60 +0.96%
Rating Summary:
1 Buy, 7 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
Rating Summary:
1 Buy, 7 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
Join SI Premium – FREE
Jefferies in keeping its Buy rating on Vistaprint N.V. (Nasdaq: VPRT) today, while increasing its price target from $58 to $60, citing stellar quarterly numbers being overshadowed by paltry guidance.
The firm notes that Vistaprint's results beat the Street consensus on virtually all fronts: revs of $203.7 million versus consensus of $196 million and EPS of $0.62 beat consensus of $0.49. Other items of note include orders up 20 percent, new customers up 13 percent to 1.8 million, and COCA up 1.6 percent sequentially to $24.11.
U.S. revenue growth is accelerating, up 14 percent in Q211 and 19 percent in Q311, while European revs decelerated from 30 percent in Q211 to 21 percent for Q311.
On guidance, Jefferies comments: "Vistaprint revised its FY11 revenue guidance upwards to $810-815M from $785-800M, and above consensus estimate of $797M. Post its 3Q11 NEPS beat of $0.11, mgt revised its FY11 guidance to $2.26-2.31 from $2.19-2.27, effectively reinvesting most of the upside back into growth. Mgt also hinted that FY12 net margins may be lower than FY11's on higher investments. While uncertainty around reinvestment levels is unnerving for investors short-term, 3Q11's outperformance attests to the viability of such strategy over time."
On the guidance, Jefferies is increasing its FY11 EPS outlook from $2.26 to $2.29 and lowering its FY12 EPS outlook from $2.90 to $2.44.
For more analyst coverage of Vistaprint, click here. For a ratings history of VPRT, click here.
Vistaprint is trading 0.6 percent lower this afternoon.
The firm notes that Vistaprint's results beat the Street consensus on virtually all fronts: revs of $203.7 million versus consensus of $196 million and EPS of $0.62 beat consensus of $0.49. Other items of note include orders up 20 percent, new customers up 13 percent to 1.8 million, and COCA up 1.6 percent sequentially to $24.11.
U.S. revenue growth is accelerating, up 14 percent in Q211 and 19 percent in Q311, while European revs decelerated from 30 percent in Q211 to 21 percent for Q311.
On guidance, Jefferies comments: "Vistaprint revised its FY11 revenue guidance upwards to $810-815M from $785-800M, and above consensus estimate of $797M. Post its 3Q11 NEPS beat of $0.11, mgt revised its FY11 guidance to $2.26-2.31 from $2.19-2.27, effectively reinvesting most of the upside back into growth. Mgt also hinted that FY12 net margins may be lower than FY11's on higher investments. While uncertainty around reinvestment levels is unnerving for investors short-term, 3Q11's outperformance attests to the viability of such strategy over time."
On the guidance, Jefferies is increasing its FY11 EPS outlook from $2.26 to $2.29 and lowering its FY12 EPS outlook from $2.90 to $2.44.
For more analyst coverage of Vistaprint, click here. For a ratings history of VPRT, click here.
Vistaprint is trading 0.6 percent lower this afternoon.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- HSBC Downgrades Feng Tay Enterprises (9910:TT) to Hold
- Intuitive Surgical (ISRG) PT Raised to $435 at Piper Sandler
- Yageo Corp. (2327:TT) (YAGOY) PT Lowered to NT$656 at HSBC
Create E-mail Alert Related Categories
Analyst CommentsRelated Entities
Jefferies & CoSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
