Needham & Company Reiterates a 'Buy' on Velti (VELT); Raising Numbers After Strong Qtr
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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 raised from $17 to $20.
Analyst, Scott Zeller, said, "Velti DecQ results were better than anticipated, with a strong revenue beat and upside to adj EBITDA and proforma EPS. We believe
these strong results are in line with our recent field checks, which suggested strong spending on CY12 mobile marketing campaigns industry-wide, and a high satisfaction rate among VELT customers. Guidance for CY12 was in line to slightly above consensus for revenue and adj EBITDA. Although guidance was not materially above the Street, we believe there was a relief rally in shares, as
investors continue to have concerns about the macro economy and companies like VELT that are heavily exposed to EMEA (CY11 EMEA was 66% total revs, US 22%). We also believe there was a recognition that Velti is showing signs of cost efficiencies as it gains scale."
Needham raises FY12 EPS estimate from $0.64 to $0.76. Revs from $286 mln to $289 mln.
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 $12.49 yesterday.
Analyst, Scott Zeller, said, "Velti DecQ results were better than anticipated, with a strong revenue beat and upside to adj EBITDA and proforma EPS. We believe
these strong results are in line with our recent field checks, which suggested strong spending on CY12 mobile marketing campaigns industry-wide, and a high satisfaction rate among VELT customers. Guidance for CY12 was in line to slightly above consensus for revenue and adj EBITDA. Although guidance was not materially above the Street, we believe there was a relief rally in shares, as
investors continue to have concerns about the macro economy and companies like VELT that are heavily exposed to EMEA (CY11 EMEA was 66% total revs, US 22%). We also believe there was a recognition that Velti is showing signs of cost efficiencies as it gains scale."
Needham raises FY12 EPS estimate from $0.64 to $0.76. Revs from $286 mln to $289 mln.
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 $12.49 yesterday.
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