Jefferies Downgrades Monotype Imaging (TYPE) to Hold On Valuation

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Jefferies downgraded Monotype Imaging (NASDAQ: TYPE) from Buy to Hold with a price target of $17, citing aluation and CY12 risk of printer weakness.

The firm comments, "We downgrade TYPE to Hold and maintain our $17 price target. Our call is based on a combination of valuation discipline as well as potential risk of deterioration in laser printer volumes (50% of revs) given the economic outlook. TYPE has done a great job of diversifying its OEM display business (such as eBook Readers and Automotive OEMs) and by finding other new avenues for growth (e.g. Webfonts), but at the current valuation we find the risk reward more balanced.

For an analyst ratings summary and ratings history on Monotype Imaging click here. For more ratings news on Monotype Imaging click here.

Shares of Monotype Imaging closed at $15.15 yesterday, with a 52 week range of $9.98-$17.02.

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