Piper Jaffray Raises Price Target on Web.com Group (WWWW); Says Turnaround is on Track
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Rating Summary:
5 Buy, 3 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 20 | Down: 14 | New: 22
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Piper Jaffray maintains an Overweight rating on Web.com Group (NASDAQ: WWWW), and raised the price target to $32.00 (from $25.00), believing the turnaround is on track. Analyst Gene Munster says that indicators suggest that WWWW's turnaround is on plan.
Munster commented on WWWW, saying, "We are raising our price target on WWWW to $32 based on 11x '16 EPS, reflecting our confidence in the company's turnaround and eventual return to a growth profile. We believe an increased multiple is justified (relative to our previous PT which implied 9x '16 EPS) given indicators suggest that Web's turnaround is on plan, which should yield a Jun-15 quarter and Sep-15 guidance in-line with the Street. This would represent the second consecutive quarter of solid results following disappointing results in the back half of 2014. We expect investors to reward WWWW's multiple if we are correct that the turnaround is on track. As we move through the rest of 2015, we expect WWWW to regain a growth multiple after 9 months of being a bottom-fishing candidate. Reiterate OW, 2015 top pick, and increasing PT to $32 from $25."
For an analyst ratings summary and ratings history on Web.com Group click here. For more ratings news on Web.com Group click here.
Shares of Web.com Group closed at $23.57 yesterday.
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