Janney Montgomery Scott Initiates Coverage on Liquidity Services (LQDT) with a Buy
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Janney Montgomery Scott initiates coverage on Liquidity Services (Nasdaq: LQDT) with a Buy. $12 fair value.
Janney analyst says, "We are initiating coverage of the Ecommerce sector with a neutral rating and are cautious near term due to rapid deceleration in online spending growth driven by weak consumer spending environment. According to Comscore, online sales in the U.S. declined 4% YOY in Q4, as weaker consumer spending more than offset promotional activities (discounts, free shipping) to boost Holiday volume. Moreover, we expect a challenging 1H09 in the sector, with weaker spending likely to continue on top of tough YOY comps and potential Holiday inventory overhang. However, we believe the combination of long term solid secular drivers, attractive valuations, strong balance sheets, and models that are gaining share vs. traditional retail, may offer 2H09 & FY10 opportunity."
Liquidity Services Inc. (LSI) is an online auction marketplace for wholesale, surplus and salvage assets.
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