Cantor Upgrades Omniture (OMTR) to Buy; $28 PT
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Cantor Fitzgerald upgrades Omniture, Inc. (Nasdaq: OMTR) from Hold to Buy while maintaining a $28 price target, citing valuation.
The firm said recent multiple contraction has created a much more attractive risk/reward profile for Omniture's stock versus the stock's valuation on November 8, when Cantor downgraded Omniture's rating to Hold. Since that downgrade, shares of Omniture have fallen more than 20% from about $31.
Cantor believes that "healthy business trends" should improve fundamentals and create upside from current levels. Several highlights pointed out in the research report were:
- attendance at the Summit was up more than 100% year-over-year
- Omniture's management clearly stated on multiple occasions that the economy was not impacting its sales cycle
- Omniture's competitive positioning appears to have strengthened materially over the last 12 months
- Omniture's upsell/cross-sell opportunities seem plentiful
Omniture, Inc. provides online business optimization software enabling customers to manage and enhance online, offline, and multichannel business initiatives. [BCS]
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