Needham & Company Reiterates a 'Strong Buy' on Bottomline Technologies (EPAY); Raising Numbers on Q3 Results

Needham & Company reiterates a 'Strong Buy' on Bottomline Technologies (NASDAQ: EPAY), raises PT from $29 to $31.

Needham analyst says, "Bottomline posted another strong quarter with especially strong order flow (up 46% year-over-year). We believe that Bottomline is taking market share from the competition...We estimate that Allegient will generate FY’12 revenues of approximately $15 million. The EPS contribution will be negligible in FY’12 as Bottomline is investing in integrating Allegient’s platform with Legal Exchange. There is plenty of opportunity to expand Allegient’s operating margins as they should eventually settle-in somewhere north of 30-35%, which would be approximately in-line with Legal Exchange." (FY11 EPS estimate increased from $0.96 to $1.03 and FY12 revenues from $201.2 mln to $217.7 mln)

For more ratings news on Bottomline Technologies click here and for the rating history of Bottomline Technologies click here.

Shares of Bottomline Technologies closed at $24.86 yesterday.

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