Needham & Company Reiterates a 'Buy' on ReachLocal (RLOC); Steady at Home, International Offers Growth

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Needham & Company reiterates a 'Buy' on ReachLocal (NASDAQ: RLOC) price target of $13.00 (from $12.00).

Analyst, Kerry Rice, said, "We are raising our price target to $13 from $12 given the steady operating environment for small and medium businesses (SMBs) in the U.S. and continued execution in international markets. Given these factors, we believe ReachLocal should report 2Q12 results ahead of expectations."

Addressing the factors, Rice, pointed out: 1) We spoke to several companies focusing on the SMB market and believe that while still challenging, the SMB market remained steady in 2Q12; and 2) While we see some FX headwinds, we believe international markets offer fertile ground for ReachLocal.

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

Shares of ReachLocal closed at $10.60 yesterday, with a 52 week range of $6.05-$21.73.

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