Wedbush Upgrades NetSuite (N) to Neutral; Q3 Results and Outlook Good, Selling Environment Seems to be Improving
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Wedbush upgrades NetSuite (NYSE: N) from Underperform to Neutral. Price target increased from $12 to $15.
Wedbush analyst says, "While NetSuite's shares carry a premium valuation to its peer group which we don't believe is completely warranted, management's revised positive expectations for a more normal seasonal Q4 selling environment lead us to believe that the company's new customer signings will meet or exceed expectations this quarter, and the shares will not underperform. Even though Q4 revenue growth is expected only to be 3.5% yr/yr, and the shares are currently trading at an EV/2010 Sales multiple of 4.6x versus the peer group average of 3.3x, management's optimism about Q4 bookings cause us to upgrade to Neutral at this time...Increasing 2009 revenue estimate to $166.4M from $165.1M due to Q3 results. Increasing 2010 revenue and EPS estimates to $183.5M and $0.12 from $181.2M and $0.09, respectively, to reflect a stabilizing selling environment."
To see more analyst ratings on N Click Here.
NetSuite Inc., through its subsidiaries, provides an on-demand suite of integrated business management software services worldwide.
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