Canaccord Adams Resumes Coverage on Perficient (PRFT) with a Buy

January 7, 2009 1:34 PM EST

Canaccord Adams resumes coverage on Perficient (Nasdaq: PRFT) with a Buy and $8.00 price target.

Canaccord analyst says, "We believe value-focused investors should build positions at the current level, as we see the company’s long-term track record for execution (including during challenging times) as offsetting near-term demand weakness. Further, with 2009 guidance now offered that came in below Street forecasts, we believe the company has offered a reasonable set of targets for an obviously challenging year ahead, essentially “clearing the decks” of overly optimistic forecasts. Finally, with a material buyback plan being deployed (and with insiders stepping up to make significant open market purchases of shares), we see the potential for further downside earnings risk due to macro conditions as muted by the potential accretion of the buyback program."

Perficient, Inc. (Perficient) is an information technology (IT) consulting firm serving a variety of companies throughout the United States.

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