UPDATE: Canaccord Genuity Starts Millennial Media (MM) at Buy; Investors Underestimating Mobile Ad Growth

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(Updated - June 26, 2012 8:55 AM EDT)

Canaccord Genuity initiates coverage on Millennial Media (NYSE: MM) with a Buy. PT $18.00.

Analyst, Michael Graham, said, "As a mobile advertising pure-play, Millennial stock should benefit as spending habits in this sector begin to gel...We believe mobile advertising will experience very rapid growth for the next several years, and MM should benefit as one of the market leaders. Our top-down forecast points to potential revenue upside relative to our current estimates of as much as 40% over time, and further expansion into EMEA and APAC could also add to upside."

For an analyst ratings summary and ratings history on Millennial Media click here. For more ratings news on Millennial Media click here.

Shares of Millennial Media closed at $12.48 yesterday, with a 52 week range of $10.98-$27.90.

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