BMO Capital Upgrades Acxiom (ACXM) to Outperform
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BMO Capital upgraded Acxiom (NASDAQ: ACXM) from Market Perform to Outperform with a price target of $28.00 (from $23.00).
Analyst Dan Salmon commented, "Several factors lead us to upgrade the shares: 1) the sale of the email business lowers the probability of unexpected misses; 2) Audience Solutions is kicking in as the second growth driver, and we now feel confident in sustained mid- to high-single-digit growth, powered by the increase of digital data (up to 10% from 5% a year ago); 3) deepening relationships with GOOGL and VZ; 4) we like the continued re-shaping of the sales effort as the Connectivity team will be segmented for agencies, publishers, advertisers and enterprise software; and 5) while we are admittedly rolling valuation onto F2018, we believe that is appropriate as Audience Solutions accelerates and out-year Connectivity profitability begins to take shape, even while investments continue. "
Shares of Acxiom closed at $23.10 yesterday.
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