Jefferies Slashes Numbers on Velti (VELT) Post-Q3, But Keeps 'Buy' Rating
Tweet Send to a FriendGet Alerts VELT Hot Sheet
Price: $1.82 --0%
Rating Summary:
3 Buy, 8 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
3 Buy, 8 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade VELT Now!
Jefferies slashed estimates and its price target on Velti (NASDAQ: VELT) from $23 to $12 following weak Q3 results and outlook but is keeping its Buy rating.
The firm comments, "Overhangs on Velti's stock include its exposure to Greece and other troubled areas, high DSOs, significant capitalized software costs, and A/R factoring. We had thought Velti would address these issues gradually but instead management ripped off the band-aid via a divestiture and quick changes. We think this will lead to a cleaner story in a couple of quarters, but the near-term will likely be dominated by the messy transition."
Q4 EPS goes from $0.76 to $0.67, FY12 from $0.84 to $0.63 and FY13 from $1.03 to $0.81.
For an analyst ratings summary and ratings history on Velti click here. For more ratings news on Velti click here.
Shares of Velti closed at $6.64 yesterday, with a 52 week range of $4.99-$14.65.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
The firm comments, "Overhangs on Velti's stock include its exposure to Greece and other troubled areas, high DSOs, significant capitalized software costs, and A/R factoring. We had thought Velti would address these issues gradually but instead management ripped off the band-aid via a divestiture and quick changes. We think this will lead to a cleaner story in a couple of quarters, but the near-term will likely be dominated by the messy transition."
Q4 EPS goes from $0.76 to $0.67, FY12 from $0.84 to $0.63 and FY13 from $1.03 to $0.81.
For an analyst ratings summary and ratings history on Velti click here. For more ratings news on Velti click here.
Shares of Velti closed at $6.64 yesterday, with a 52 week range of $4.99-$14.65.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Morgan Stanley Says Tesla (TSLA) 'Top Pick in U.S. Autos'
- Topeka Capital Raises Google (GOOG) Target to $999, Co. on 'Forefront of Innovation'
- UPDATE: Macquarie Downgrades Barrick Gold (ABX) to Underperform
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT ChangeRelated Entities
Jefferies & Co
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
