Analyst Says ADBE/OMTR Deal Highlights Cheap Valuation of LivePerson (LPSN)
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Analysts at Merriman Curhan Ford said Adobe's (Nasdaq: ADBE) acquisition of Omniture (Nasdaq: OMTR) last night highlights the valuation disconnect at LivePerson (Nasdaq: LPSN).
The firm said the ADBE/LPSN deal implies an EV/EBITDA multiple of 20x (FY09E) and 16x (FY10E), vs. LivePerson’s valuation of 10.2x (FY09E) and 8.9x (FY10E).
Merriman Curhan Ford also said LPSN trading at a discount to other SaaS peers such as Art Technology Group (Nasdaq: ARTG), RightNow Technologies (Nasdaq: RNOW) and Concur Technologies (Nasdaq: CNQR), among others.
The firm said using a 12-18x multiple for LPSN would imply a $6-8 share price. They reiterated their Buy rating on LPSN
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