Needham & Company Maintains a 'Buy' on CoStar Group (CSGP); Product Cycles Driving Accelerated Growth Scenarios
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Price: $32.38 -2.03%
Rating Summary:
11 Buy, 9 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
11 Buy, 9 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Needham & Company maintains a 'Buy' on CoStar Group (NASDAQ: CSGP) price target of $72.00.
Analyst, Michael Huang, said, "Q4 performance was impressive, highlighted by record bookings and ramping CoStarGo contribution. We’re encouraged by the positive impact of next-gen iPad app CoStar Go out of the gate, which we believe could help drive accelerated rev growth and upside scenarios through the year."
"For 2012, management guided revenue to $281-285 million and EPS to $1.27-$1.39. Revenue was negatively impacted ($3-4 million) by the bankruptcy of customer Grubb & Ellis which was offset by contribution from recently acquired VirtualPremise. CSGP shares trade at 3.4 EV/2012Rev and 15.2 EV/2012EBITDA, and we’re maintaining our price target of $72 predicated on 4.4x EV/2012E Rev (and 19.8x EV/2012E EBITA). We see the close of the strategic and notably accretive LoopNet as a key catalyst for shares.
For an analyst ratings summary and ratings history on CoStar Group click here. For more ratings news on CoStar Group click here.
Shares of CoStar Group closed at $60.37 yesterday.
Analyst, Michael Huang, said, "Q4 performance was impressive, highlighted by record bookings and ramping CoStarGo contribution. We’re encouraged by the positive impact of next-gen iPad app CoStar Go out of the gate, which we believe could help drive accelerated rev growth and upside scenarios through the year."
"For 2012, management guided revenue to $281-285 million and EPS to $1.27-$1.39. Revenue was negatively impacted ($3-4 million) by the bankruptcy of customer Grubb & Ellis which was offset by contribution from recently acquired VirtualPremise. CSGP shares trade at 3.4 EV/2012Rev and 15.2 EV/2012EBITDA, and we’re maintaining our price target of $72 predicated on 4.4x EV/2012E Rev (and 19.8x EV/2012E EBITA). We see the close of the strategic and notably accretive LoopNet as a key catalyst for shares.
For an analyst ratings summary and ratings history on CoStar Group click here. For more ratings news on CoStar Group click here.
Shares of CoStar Group closed at $60.37 yesterday.
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