Web.com (WEB) PT Lowered to $29 at RBC Capital Following Mixed Q3
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RBC Capital analyst Andrew Bruckner lowered his price target on Sector Perform-rated Web.com, Inc. (NASDAQ: WEB) to $19.00 (from $23.00) following Q3 results with Revenue missing management’s guidance and the Street and another guide down for FY16 Revenue; though EBITDA was better than expected. Management announced a new $100MM stock repurchase authorization. While valuation remains reasonable.
"While valuation remains reasonable, we remain Sector Perform, as we wait to see the operational restructuring yield results. PT to $19," Bruckner commented.
Shares of Web.com, Inc. closed at $15.55 yesterday.
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