Needham & Company Upgrades Constant Contact (CTCT) to Buy; Some Social Marketing Light At The End of the Tunnel

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Needham & Company upgraded Constant Contact (NASDAQ: CTCT) from Hold to Buy. PT $29.

Needham analyst says, "We are upgrading our rating on CTCT shares primarily to reflect overstated negativity around nearer-term trends and our increased enthusiasm over the upcoming Social Marketing product cycle (which should launch by year end). Although we still acknowledge that competitive Freemium offerings (including MailChimp and iContact) along with typical summer seasonality could constrain netadd growth and negatively impact cost of acquisition (COA) over the next couple quarters, we believe that the prevailing negative sentiment already reflects this scenario."

For more ratings news on Constant Contact click here and for the rating history of Constant Contact click here.

Shares of Constant Contact closed at $23.91 yesterday, with a 52 week range of $16.75-$36.33.

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