Needham & Company Reiterates Buy on TechTarget (TTGT) Following 3Q
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
Needham & Company maintained a Buy rting and $10.00 price target on TechTarget, Inc. (NASDAQ: TTGT) following the company's 3Q earnings report and guidance. TTGT reported 3Q16 revenue of $25.8M, at the low end of guidance and slightly below expectations of $26.3M. During Q3, total N. America Online revenue decreased to $16.5M, with solid growth in IT Deal Alert of 13% y/y offset by a 18% y/y decrease in the Core Online business. TechTarget provided 4Q16 revenue guidance of $25.5-27.0M, below revenue consensus of $30.1M.
Analyst Kerry Rice commented, "While 3Q16 results and 4Q16 guidance were modestly below expectations, the story remains just about the same. The Q3 results and guidance continue to be negatively impacted by the reduced IT spend from its top 4 customers. Positively, one top customer has returned to normal spending levels after completing its spin-off last year. Therefore, we believe the spending slowdown is likely temporary. IT Deal Alert continued to post solid growth with the launch of Priority Engine/Deal Data (PE/DD) in Europe, despite the drag from the slowdown in spending from the largest customers. We expect TTGT to launch PE/DD in Asia in 4Q16. Despite reducing our FY17 revenue estimate, we estimate the company should largely fill the EBITDA gap from the lower revenue given the solid leverage in business and its cost controls."
Shares of TechTarget, Inc. closed at $8.33 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- BMO Capital Cuts Price Target on Cooper Cos. (COO) Following 4Q Results
- Jefferies Raises Price Target on Finisar (FNSR) to $37 Following 2Q Beat and Raise
- MKM Partners Raises Price Target on Hartford Financial (HIG) to $55
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesNeedham & Company, Earnings
Sign 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!