Barclays reiterates an 'Overweight' on Corporate Executive Board (EXBD); Remains Top Small Cap Idea

Barclays reiterates an 'Overweight' on Corporate Executive Board (NASDAQ: EXBD) price target of $45.00.

Barclays analyst says, "Over the last few days, we hosted Corporate Executive Board CFO Rich Lindahl in a series of investor meetings. The meetings were positive, with Mr. Lindahl stating confidence in the company's outlook. We continue to find EXBD very attractive at current levels, and reiterate our raing."

"We believe that EXBD has a very strong business model with high margins/returns and cash flows (equal to ~150% of net income). The company's operating metrics are improving, we expect a much stronger 2H'11 than 1H'11, and we believe that the 3-5 year outlook is bright. Trading at CY'12 P/E and P/FCF multiples of 15.7x/10.9x (13.5x/9.2x excluding $4+ of net cash), we find EXBD highly attractive. We see ~50% potential upside to our $45 price target, which equates to CY'12 P/E and P/FCF multiples of 24x and 16.5x, respectively (22x/15x ex net cash). EXBD remains our top small cap idea."

For more ratings news on Corporate Executive Board click here and for the rating history of Corporate Executive Board click here.

Shares of Corporate Executive Board closed at $29.54 yesterday.

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