Piper Jaffray Initiates Coverage on Dolan Media (DM) with a Buy; Near-Term Momentum
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Piper Jaffray initiates coverage on Dolan Media (NYSE: DM) with a Buy. Price target $15.
Piper analyst says, "As a leading provider of mortgage default processing services and publisher of business and legal newspapers, Dolan Media is a significant beneficiary of rising foreclosure activity. We believe accelerating foreclosure volumes in 2009 will drive impressive near-term earnings growth, with potential for upside versus Street consensus. While we recognize that growth will likely slow in 2011-2012 as foreclosure activity normalizes, we believe the current momentum in operating results can drive further near-term upside in the shares."
"Despite the stock’s recent strength, we believe there is still near-term room for upside based on the expected momentum in revenues and earnings over the next several quarters. Our $15 12-month price target assumes a 13x 2010E cash EPS multiple, representing a slight discount to the information services group average of 14x, applied to Dolan’s 2010E cash EPS of $1.17."
Dolan Media Company (Dolan Media) is a provider of necessary business information and professional services to the legal, financial and real estate sectors in the United States.
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