UPDATE: B.Riley Starts Stagwell Inc. (STGW) at Buy

B.Riley analyst Jeff Van Sinderen initiates coverage on Stagwell Inc. (NASDAQ: STGW) with a Buy rating and a price target of $13.00.

The analyst comments "We are initiating coverage of Stagwell Inc. (STGW), a digital-first, performance-based, transformative marketing network, with a Buy rating and a 12-month price target of $13 per share. STGW’s integrated platform of marketing services leverages a mix of creativity and leading-edge technology. STGW is taking market share as others in the space struggle to achieve a similar combination. We believe that Stagwell’s innovative and diverse tech-infused services represent an intriguing value proposition for the company’s ~4,000 blue chip customers seeking to modernize their digital platforms, content, data, and targeting strategies to deliver the right experience to the right consumer at the right time. Furthermore, STGW’s scalable, asset-light business model supports admirable margins and free cash flow even in slower macroeconomic periods, in our opinion. In sum, we believe that STGW has built, and is enhancing, a powerful value-creation platform for both its clients and shareholders."

For an analyst ratings summary and ratings history on Stagwell Inc. click here. For more ratings news on Stagwell Inc. click here.

Shares of Stagwell Inc. closed at $7.79 yesterday.

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