Collins Stewart Initiates Coverage on GSI Commerce (GSIC) with a Buy
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Collins Stewart initiates coverage on GSI Commerce Inc. (Nasdaq: GSIC) with a Buy. Price target $21.
Collins analyst says, "GSI Commerce is the market leader in e-commerce outsourcing solutions for the multi-channel retailers and is benefiting from secular growth trends in e-commerce and online advertising. On top of that, a typical customer at GSIC (multi-channel retailer) is under penetrated both in e-commerce and in Internet advertising, providing GSIC materially higher growth prospects for the next several years. In recent times, GSIC has not only shown resistance against economic headwinds but has also seen multiple new merchant wins, three sizeable acquisitions, and above all an impressive ramp-up of its interactive marketing business. We view the shift towards e-commerce services-based business model (as oppose to inventory risk based e-commerce model), growing interactive marketing, and expanding margins as positive catalysts for the stock."
GSI Commerce, Inc. is a provider of services for e-commerce, multichannel retailing and interactive marketing to large, business-to-consumer enterprises, which it calls partners.
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