Deutsche Bank Downgrades Kenexa (KNXA) to Sell; Valuation Call
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Deutsche Bank downgrades Kenexa (Nasdaq: KNXA) from Hold to Sell. Price target $7
Deutsche analyst says, "We are downgrading our rating from HOLD to SELL as we see downside potential to our price target, after recent market appreciation. Kenexa trades at a premium 16x '10 EV/uFCF vs 14x median of SaaS comp group (we note that Kenexa's shares trade at a discount at 1.4x 2010 Sales and 17x PE vs. 2.0x and 28x respectively for SaaS group median) and despite recent positive management commentary, we think that a competitively weakened RPO business and falling customer retention rates from a weakly integrated SaaS offering limit upside opportunity to our estimates and do not justify the premium relative valuation...Our $7 PT is based on a CY10 uFCF/share estimate of $0.52 and an EV/FCF/G multiple of 0.9x..."
To see more analyst ratings on KNXA Click Here.
Kenexa Corporation provides software, content and services that enable organizations to effectively recruit and retain employees.
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