Oppenheimer Remains Bullish as comScore (SCOR) Files 8-K
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Oppenheimer reiterated an Outperform rating and $43.00 price target on comScore (NASDAQ: SCOR) following the company's 8-K filing. Oppenheimer maintains the view that was published in a note on September 7th, that comScore will attain the 180-day extension to stay listed on the NASDAQ, and finish its financial restatement within that period.
Analyst Jason Helfstein commented, "After the close, comScore filed an 8-K detailing anticipated restatements, removing all non-monetary revenue (NMR) and expenses for the 2013, 2014, and 2015 annual statements, as well as the 2015 quarterly statements. We maintain our view, published in a note on September 7th, that comScore will attain the 180-day extension to stay listed on the NASDAQ, and ultimately finish its financial restatement within that period. SCOR noted that the transactions represented an "error in judgment." Most surprising, 2013 and 2014 financial statements passed external audit, including NMR. Former CEO Serge Matta announced he would be severing ties with the company on September 13th. The former CFO was removed from his role on Aug. 10, but remained to assist with the CFO transition. While we value the company on FCF, and non-monetary transactions should have no effect on the statement of cash flows, we note the timing of transactions could have a short-term timing effect that could impact our 2015-2017 FCF/share estimates. Using the impact on operating income ($8M), we project the maximum impact on FCF/share to be -21% in 2015, -13% in 2016, and -7% in 2017. Based on a $30 stock price, applying this maximum discount, the stock is trading at 28x and 18x 2016E and 2017E FCF/share, respectively."
Shares of comScore closed at $30.08 yesterday.
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