UPDATE: Northland Capital Markets Downgrades Support.com (SPRT) to Market Perform

January 8, 2014 8:11 AM EST
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Price: $0.77 --0%

Rating Summary:
    0 Buy, 3 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 18 | Down: 17 | New: 10
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(Updated - January 8, 2014 9:58 AM EST)

Northland Capital Markets downgraded Support.com (NASDAQ: SPRT) from Outperform to Market Perform with a price target of $3.00 (from $6.00).

Analyst Michael Latimore said, "Support.com guided 1Q below estimate largely given, we believe, that Comcast bundle-related revenue levels are uncertain. Other factors included only a minor referral program, and soft expectations at Office Depot post OfficeMax merger. We are lowering our estimates per guidance, and lowering the rating until more clarity develops around the appropriate agent to home network subscriber ratio at Comcast. Lowering FY14 EPS to ($0.06) from $0.14, and revenue to $71.6 mil from $92.6 mil."

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

Shares of Support.com closed at $3.47 yesterday.

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Joe Wyant on 2014-01-13 15:00:33
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Interesting downgrade of MIMEDX directly in the wake of this upgrade. * MIMEDX GROUP INC, $8.27, +6.71 pct

Canaccord Genuity raised its price target on the company's stock to $12 from $8, citing the opportunity arising from MiMedx's distribution agreement with Medtronic Inc signed in October.

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