Barclays Maintains an 'Overweight' on Gartner (IT); Orlando Symposium/ITxpo Recap
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Price: $193.68 --0%
Rating Summary:
8 Buy, 13 Hold, 3 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
8 Buy, 13 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Barclays maintains an 'Overweight' on Gartner (NYSE: IT) price target of $42.00.
Barclays analyst says, "The recently concluded Gartner Symposium IT/Expo in Orlando, FL (October 16-20) recorded its largest ever audience, including over 2,000 CIOs (vs. 1,700+ in 2010, +18% y/y). We believe there were over 8,000 attendees vs. the 7,000 in 2010. Given the uncertain economic environment (read: corporate travel restrictions and lower marketing spend by technology providers), the double-digit increase in attendance is a solid data point for Gartner's potential contract value growth. A large number of attendees (close to 50%) tend not to be current subscribers of Gartner's Research, making such conferences a good 'lead generation' tool for the sales force."
"We also had the opportunity to meet with Gartner CEO Gene Hall and CFO Chris Lafond, who were very upbeat about the conference proceedings and categorized business as very healthy, with no signs of a recession yet. As a result, we believe that our and the consensus 3Q'11 EPS estimate of $0.29 could well be conservative (Gartner reports earnings on 11/01). Additionally, acknowledging that budgets can still be cut, we believe that 4Q'11 is trending positively as well."
For more ratings news on Gartner click here and for the rating history of Gartner click here.
Shares of Gartner closed at $38.08 yesterday.
Barclays analyst says, "The recently concluded Gartner Symposium IT/Expo in Orlando, FL (October 16-20) recorded its largest ever audience, including over 2,000 CIOs (vs. 1,700+ in 2010, +18% y/y). We believe there were over 8,000 attendees vs. the 7,000 in 2010. Given the uncertain economic environment (read: corporate travel restrictions and lower marketing spend by technology providers), the double-digit increase in attendance is a solid data point for Gartner's potential contract value growth. A large number of attendees (close to 50%) tend not to be current subscribers of Gartner's Research, making such conferences a good 'lead generation' tool for the sales force."
"We also had the opportunity to meet with Gartner CEO Gene Hall and CFO Chris Lafond, who were very upbeat about the conference proceedings and categorized business as very healthy, with no signs of a recession yet. As a result, we believe that our and the consensus 3Q'11 EPS estimate of $0.29 could well be conservative (Gartner reports earnings on 11/01). Additionally, acknowledging that budgets can still be cut, we believe that 4Q'11 is trending positively as well."
For more ratings news on Gartner click here and for the rating history of Gartner click here.
Shares of Gartner closed at $38.08 yesterday.
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