Needham & Company Maintains a 'Buy' on Velti (VELT); Raising PT Following Solid 1Q11 Results
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Price: $0.06 --0%
Rating Summary:
3 Buy, 7 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
3 Buy, 7 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Needham & Company maintains a 'Buy' on Velti (NASDAQ: VELT), raises PT from $17 to $21.
Needham analyst says, "Velti delivered a strong 1Q11 report with results that were above our expectations. Revenue, adj. EBITDA, adj. EBIT and adj.
EPS of $30MM, $1.3MM, ($3MM) and ($0.11), resp., compared to our projections of $27MM, $0MM, ($5MM) and ($0.15). We estimate pro forma YoY revenue growth, normalized for revenue deferral adjustments, was 65% in 1Q11, and was driven by strong growth across verticals and geographies. Notably, the co announced its intention to acquire CASEE, China's largest mobile ad exchange. Finally, guidance for 2Q11/CY11 was above our forecasts, and we are increasing our ests. We continue to forecast >40% revenue growth and significant margin expansion in CY11. We remain bullish on the mobile marketing sector in general and on Velti in particular." (Needham raises FY11 EPS estimate from $0.35 to $0.41 and FY12 from $0.58 to $0.63)
For more ratings news on Velti click here and for the rating history of Velti click here.
Shares of Velti closed at $18.09 yesterday.
Needham analyst says, "Velti delivered a strong 1Q11 report with results that were above our expectations. Revenue, adj. EBITDA, adj. EBIT and adj.
EPS of $30MM, $1.3MM, ($3MM) and ($0.11), resp., compared to our projections of $27MM, $0MM, ($5MM) and ($0.15). We estimate pro forma YoY revenue growth, normalized for revenue deferral adjustments, was 65% in 1Q11, and was driven by strong growth across verticals and geographies. Notably, the co announced its intention to acquire CASEE, China's largest mobile ad exchange. Finally, guidance for 2Q11/CY11 was above our forecasts, and we are increasing our ests. We continue to forecast >40% revenue growth and significant margin expansion in CY11. We remain bullish on the mobile marketing sector in general and on Velti in particular." (Needham raises FY11 EPS estimate from $0.35 to $0.41 and FY12 from $0.58 to $0.63)
For more ratings news on Velti click here and for the rating history of Velti click here.
Shares of Velti closed at $18.09 yesterday.
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