Needham & Company Reiterates a 'Buy' on ReachLocal (RLOC); Improved Macro Environment

May 2, 2012 9:17 AM EDT
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Price: $4.60 --0%

Rating Summary:
    4 Buy, 6 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 23 | Down: 34 | New: 34
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Needham & Company reiterates a 'Buy' on ReachLocal (NASDAQ: RLOC) price target of $12.00.

Analyst, Kerry Rice, said, "The improving macro economic environment was a key contributor to the solid 1Q12 U.S. revenue growth. Advertiser and campaign growth accelerated, translating into an increase in campaigns per advertisers to 1.5 from 1.4 in 1Q11. We believe U.S revenue growth also benefited from maturing U.S. IMCs."

"While 2Q12 exceeded expectations and the company raised its FY12 guidance, we believe opportunity for upside remains. ReachLocal guided adj. EBITDA to $18-22 million, up from $17-21 million, on revenue of $439-454 million, up from
$435-450 million."

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 $7.53 yesterday.

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