Wells Fargo Upgrades MDC Partners (MDCA) to Outperform; Revises Estimates as Growth Underappreciated

May 8, 2012 7:31 AM EDT Send to a Friend
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Price: $20.94 -2.6%

Rating Summary:
    7 Buy, 0 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 15 | Down: 15 | New: 67
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Wells Fargo upgraded MDC Partners (NASDAQ: MDCA) from Market Perform to Outperform, price target range $15-$17 from $15-16.

Analyst, Peter Stabler, said, "In MDCA we see multi-year organic growth and margin ramp, and company delevering as providing opportunity to drive 2011-2014 EBITDA and Free Cash Flow CAGRs of 20%+ and 40%+. Attractive 5.7% dividend yield adds meaningfully to growth profile, in our view."

"Our FY2012E revenue and EBITDA climb to $1.06B and $113MM, from $1.05B
and $109MM. Our 2013 estimates are lifted to $1.13B and $130MM, from $1.1B
and $128MM, respectively. Our 2012 non-GAAP EPS estimate falls to -$0.93
from -$0.21 driven by Q1 2012 result flow-through. Our 2013E non-GAAP EPS
climbs $0.15 to $0.25."

For an analyst ratings summary and ratings history on MDC Partners click here. For more ratings news on MDC Partners click here.

Shares of MDC Partners closed at $9.86 yesterday.

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