Benchmark Starts Perion Network Ltd. (PERI) at Buy, $17 PT

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Benchmark initiates coverage on Perion Network Ltd. (NASDAQ: PERI) with a Buy. PT $17.00.

The firm sees sustainable organic growth of 20-25%, execution of accretive acquisition strategy, sees core margins continuing to improve, and valuation appears attractive at 6x 2013E EV/EBITDA and strong free cash flow support.

For an analyst ratings summary and ratings history on Perion Network Ltd. click here. For more ratings news on Perion Network Ltd. click here.

Shares of Perion Network Ltd. closed at $12.19 yesterday, with a 52 week range of $3.68-$12.93.

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