Wedbush Raises Price Target on Blackboard to $56 (BBBB)
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Wedbush Morgan raises its price target on Blackboard (Nasdaq: BBBB) from $50 to $56 while reiterating its Strong Buy rating.
The firm said it would be buyers of Blackboard as it believes the company "could continue to dominate the academic software market over the next several years."
Wedbush highlights several strong metrics reported by Blackboard:
- Organic contract value growth accelerated in Q2, up 23%
- higher Q3/FY08 cash flow guidance, and
- strong earnings that were "impacted by up-front expenses associated with New Mexico deal."
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