Needham & Company Maintains a 'Buy' on Constant Contact (CTCT); Past is in Rearview; Focus on Future

Needham & Company maintains a 'Buy' on Constant Contact (NASDAQ: CTCT) price target of $27.00.

Analyst, Michael Huang, said, "Although we found Q2 performance to be for the most part unimpressive, it likely was good enough given the notable non-performance already baked into valuations (1.6x EV/13Revs). With seasonally challenging Q2 now in the rear view, we believe that CTCT represents a compelling 2H and 2013 play. The 2 ramping product cycles along with recently acquired SinglePlatform could help drive growth in key metrics for the first time in a couple years, and we believe it certainly sets the table for accelerated revenue growth (and multiple expansion) through 2013." (FY12 EPS estimate cut from $0.56 to $0.51 and FY13 from $0.78 to $0.74)

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

Shares of Constant Contact closed at $18.46 yesterday.

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