Benchmark Downgrades GSI Commerce (GSIC) to Hold; Retail Convergence Acquisition May Be Dilutive
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Benchmark downgrades GSI Commerce (Nasdaq: GSIC) from Buy to Hold. Price target lowered from $29 to $22.
GSI has offered to purchase Retail Convergence Inc. for up to $350 million, which could prove dilutive. We are raising our FY09 and FY10 revenue estimates to reflect the impact of the Retail Convergence acquisition. We now forecast 2% y/y revenue growth in 2009 and 26% y/y growth in 2010. Our adjusted EBITDA projections remain relatively unchanged while our 2010 EPS and free cash flow per share forecasts come down to $0.18 and $0.95 from $0.31 and $1.10, respectively."
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GSI Commerce, Inc. provides e-commerce and interactive marketing services to business-to-consumer enterprises in the United States and internationally.
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