Oppenheimer Maintains an 'Outperform' Ellie Mae (ELLI); Expecting Favorable Results
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Price: $98.99 --0%
Rating Summary:
6 Buy, 13 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
6 Buy, 13 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Oppenheimer maintains an 'Outperform' Ellie Mae (NYSE: ELLI) price target of $23.00 (from $20.00)
Analyst, Brian Schwartz, announces, "We expect favorable Q2 results from Ellie Mae with upside potential to estimates and guidance driven by our analysis of increasing industry volume trends and the positive leveraging effect from continued strong attach rates to the success-based pricing plan. Specifically, industry forecasts for 2012 and Q2 volumes have increased on average by 24% and 20%, respectively, subsequent to guidance being issued in April. This means that current 2012 Street estimates for Ellie Mae are likely too low and will be raised shortly. We reiterate our rating on ELLI and raise our price target as its secular trends are clearly improving and the business has an unusual dearth of current growth impediments to gain future market share."
For an analyst ratings summary and ratings history on Ellie Mae click here. For more ratings news on Ellie Mae click here.
Shares of Ellie Mae closed at $20.05 yesterday.
Analyst, Brian Schwartz, announces, "We expect favorable Q2 results from Ellie Mae with upside potential to estimates and guidance driven by our analysis of increasing industry volume trends and the positive leveraging effect from continued strong attach rates to the success-based pricing plan. Specifically, industry forecasts for 2012 and Q2 volumes have increased on average by 24% and 20%, respectively, subsequent to guidance being issued in April. This means that current 2012 Street estimates for Ellie Mae are likely too low and will be raised shortly. We reiterate our rating on ELLI and raise our price target as its secular trends are clearly improving and the business has an unusual dearth of current growth impediments to gain future market share."
For an analyst ratings summary and ratings history on Ellie Mae click here. For more ratings news on Ellie Mae click here.
Shares of Ellie Mae closed at $20.05 yesterday.
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