KeyBanc Upgrades Kenexa (KNXA) to Hold
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KeyBanc upgrades Kenexa Corporation (Nasdaq: KNXA) from Underweight to Hold on valuation.
KeyBanc analyst says, "Our call is primarily based on valuation, as we have a mixed view of KNXA's fundamental outlook over the next 12 months. On the negative side, we expect revenue results to fall short of current consensus expectations over the next 12 months, as tighter customer spending will likely have an outsized impact on KNXA's contract recruiting, employee surveys, content and consulting businesses. We believe these services are largely discretionary and constitute the majority of KNXA's revenues, despite the fact that fixed fee engagements are allocated to the Company's "subscription" revenue line. On a positive note, KNXA has relatively healthy operating margins (19-20%) due to the mature nature of its services businesses."
Kenexa Corporation provides software, services and proprietary content that enable organizations to effectively recruit and retain employees.
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