Needham & Company Reiterates a 'Buy' on Velti (VELT) Following Recent Meetings W/ Management
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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 reiterates a 'Buy' on Velti (NASDAQ: VELT) price target of $17.00.
Needham analyst says, "We recently have performed a number of customer field checks on VELT and hosted management at the Needham & Co. conference in NYC. Following our discussions with management and with VELT customers, we are comfortable with the DecQ and CY12 revenue consensus for Velti, and believe management may have an upbeat view of 2012 on its upcoming investor call. Recall that on the mid-November earnings call, management refrained from early color on CY12, and this has since weighed on shares, given the macro climate and VELT’s revenue exposure to Europe (roughly 65% total revenue). Following our calls with customers, in which we discussed satisfaction with Velti -- and spending trends – we are comfortable with both VELT’s competitive position and VELT business momentum. Our recent management meetings with VELT at the Needham Conference, and in the days following, offered color suggesting visibility into CY12 is very good, and customer spending (brands, carriers) appears robust despite the current macro uncertainty."
For an analyst ratings summary and ratings history on Velti click here. For more ratings news on Velti click here.
Shares of Velti closed at $8.90 yesterday.
Needham analyst says, "We recently have performed a number of customer field checks on VELT and hosted management at the Needham & Co. conference in NYC. Following our discussions with management and with VELT customers, we are comfortable with the DecQ and CY12 revenue consensus for Velti, and believe management may have an upbeat view of 2012 on its upcoming investor call. Recall that on the mid-November earnings call, management refrained from early color on CY12, and this has since weighed on shares, given the macro climate and VELT’s revenue exposure to Europe (roughly 65% total revenue). Following our calls with customers, in which we discussed satisfaction with Velti -- and spending trends – we are comfortable with both VELT’s competitive position and VELT business momentum. Our recent management meetings with VELT at the Needham Conference, and in the days following, offered color suggesting visibility into CY12 is very good, and customer spending (brands, carriers) appears robust despite the current macro uncertainty."
For an analyst ratings summary and ratings history on Velti click here. For more ratings news on Velti click here.
Shares of Velti closed at $8.90 yesterday.
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