Needham & Company Maintains a 'Buy' on Constant Contact (CTCT); Still Believe Growth is Coming

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Needham & Company maintains a 'Buy' on Constant Contact (NASDAQ: CTCT) price target of $27.00 (from $39.00).

Analyst, Michael Huang, said, "While shares were hammered yesterday on investor concerns that CTCT is overpaying for an asset in order to offset weakness in its core business, we believe this negative view could be both exaggerated and off base. The risk/reward for owning CTCT shares is compelling (1.7x EV/12Rev), in our view, given CTCT's product breadth and market opportunity and given our view that key metrics should reaccelerate through 2H12 and beyond."

FY12 EPS estimate cut from $0.89 to $0.56 and FY13 from $1.19 to $0.78

For an analyst ratings summary and ratings history on Constant Contact click here. For more ratings news on Constant Contact click here.

Shares of Constant Contact closed at $16.62 yesterday, with a 52 week range of $14.46-$32.18.

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