Wachovia Initiates MDC Partners (MDCA) with an Outperform
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Wachovia initiates coverage on MDC Partners (NASDAQ: MDCA) with an Outperform rating and a $9 to $10 valuation range.
The firm said, "We expect advertising agencies will outperform other media, primarily benefiting from their platform agnostic revenue stream. In addition, with an increasingly more fragmented audience, we believe advertisers will need even greater assistance from marketing services companies, like MDC, to better reach the consumer."
Wachovia expects MDC to generate above average organic growth due to "greater exposure to faster growing digital (~20%) and non-traditional advertising" and "share gains as MDC's well-recognized agencies win more accounts, including a greater number of Fortune 500 companies." The firm forecasts organic growth of 9.5% in 2008 and 6.1% in 2009.
MDC Partners Inc. (MDC) is a provider of marketing communications services to customers globally.
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