Wells Fargo Starts Gartner (IT) at Market Perform; Near-Term Spending Issues Hamper Strong Long-Term Outlook

Wells Fargo initiates coverage on Gartner (NYSE: IT) with a Market Perform. PT range $42-46.

Analyst, Eric J. Boyer, said, "We view Gartner as one of the most attractive longer-term investments within the Information & Analytic Services space due to revenue growth, margin expansion, and free cash flow generation. However, we believe a slow down in discretionary IT spending could dampen near-term growth prospects which we believe is needed to propel the shares higher given current valuation (11.3x 2013E EV/EBITDA) being above its five year average (10.8x)."

Boyer's 2012 and 2013 revenue and adjusted EPS estimates are $1.61B/$1.72 and $1.81B/$2.10.

For an analyst ratings summary and ratings history on Gartner click here. For more ratings news on Gartner click here.

Shares of Gartner closed at $43.13 yesterday.

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