Needham & Company Maintains a 'Buy' on Velti (VELT); Lowering PT After Conferenfce Call Update
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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 maintains a 'Buy' on Velti (NASDAQ: VELT) price target lowered from $20 to $13.
Analyst, Scott Zeller, said, "In all, we believe the call accomplished the goal of management acknowledging the gravity of its DSO and cash burn as important areas for improvement; that said, we heard adj DSO is likely to improve 20% between now and end of 4Q12, leaving us at an adjusted DSO of a still-high 220 days, which is an improvement, but unlikely to satiate critics of VELT. We are not adjusting our model, and we continue to believe VELT is in an attractive secular growth area of mobile marketing, with 40%+ organic revenue growth for CY12E."
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 $7.33 yesterday.
Analyst, Scott Zeller, said, "In all, we believe the call accomplished the goal of management acknowledging the gravity of its DSO and cash burn as important areas for improvement; that said, we heard adj DSO is likely to improve 20% between now and end of 4Q12, leaving us at an adjusted DSO of a still-high 220 days, which is an improvement, but unlikely to satiate critics of VELT. We are not adjusting our model, and we continue to believe VELT is in an attractive secular growth area of mobile marketing, with 40%+ organic revenue growth for CY12E."
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 $7.33 yesterday.
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