Brigantine Advisors Upgrades Sonic Solutions (SNIC) to Buy
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Brigantine Advisors upgrades Sonic Solutions (Nasdaq: SNIC) from Hold to Buy with a $12 price target, citing Hollywood's transition from physical to digital distribution.
Analyst Steve Frankel notes, "Sonic is one of the few ways investors can play Hollywood’s transition from physical to digital distribution and the company is fast becoming the partner of choice. While we freely admit to being late to the party, we believe that over the next six months, rising adoption of CinemaNow enabled devices and positive headlines from new partnerships are likely to keep the stock moving northward. The combination of a stable September quarter and recent progress in fleshing out the digital distribution ecosystem is leading us to raise our rating from Hold to Buy, with a $12 Price Target."
The firm lowered revenue estimates for the December quarter from $27.3M to $25.2M, but recent expense trends lets them raise EPS from $(0.04) to $(0.01). The firm's Mr10 estimate is now $103.2M/($0.13), compared with their earlier $106.4M/$(0.18) estimate and Mr11 goes from $111.7M/$(0.09) to $109.4M/$0.03.
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