MDC Partners (MDCA) 'in Play' - Albert Fried

Albert Fried & Company maintained an Overweight rating on MDC Partners (NASDAQ: MDCA) with a price target of $27. Yesterday MDC Partners announced that Miles S. Nadal has retired as the Company's Chief Executive Officer. Analyst Rich Tullo thinks shares are "in play" following the departure.

"We think Mile Nadal has in the past declined to merge MDCA with larger industry partners as OMC, IPG and others offer robust financial and strategic synergy cost savings, maybe greater than $80 million," said Tullo. "The appointment of Presiding Director Irwin Simon, who has 9 years experience with MDCA seems like a good short term move and likely a flag that MDCA is now for sale."

"In the near term, days, we expect MDCA shares to trade up 5% to 10% on the news. In the long term we have a $27 price target on MDCA shares," he added.

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 $17.61 yesterday.

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