Brean Murray Starts GigaMedia (GIGM) at Buy
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Brean Murray initiates coverage on GigaMedia (Nasdaq: GIGM) with a Buy rating and $22 price target.
The firm called GigaMedia the "premier online gambling franchise" and expects the Company's revenues to grow by 43% in FY08 and 34% in FY09.
With GigaMedia currently trading at about 13x Brean Murray's FY09 EPS estimate of $1.11, the firm believes the Street "does not give the company credit for its profitability levels and its EPS growth outlook of 25-30%." Additionally, Brean Murray points out that shares of GigaMedia are down about 20% year-to-date.
GigaMedia Limited, through its subsidiaries, develops and licenses online gaming software, and provides application services, as well as owns and operates an online games portal. [BCS]
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