Piper Jaffray downgrades ValueClick (VCLK) to Market Perform
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Piper Jaffray downgrades ValueClick, Inc. (Nasdaq: VCLK) from Outperform to Market Perform but maintains their $34 price target.
Analyst Aaron M. Kessler citied, "1) our belief that shares are now fairly valued with shares trading at 16x '07E EBITDA and 14x '08E EBITDA and within 5% of our $34 price target; 2) overhang related to the FTC investigation; 3) likely increased competition from Google in '08 and beyond as Google makes display advertising a strategic priority 4) year-over-year comps are becoming more challenging; and 5) while we believe it is possible that VCLK could get acquired, we are unlikely to see a bidding war as we saw with DoubleClick and aQuantive."
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