Barclays Positive on Fair Isaac's (FICO) Acquisition of Adeptra; CEO's M&A Strategy Taking Hold

Barclays maintains an 'Equalweight' on Fair Isaac (NYSE: FICO) price target of $48.00.

Analyst, Manav Patnaik, said, "Strategically, based on our channel checks, we view FICO's acquisition of Adeptra as very complementary to FICO's fraud suite (partners since 2002; no further investment/integration required). The $115M price tag equates to 2.6x LTM revenues and 25.6x EBITDA. However, if top-line cross-sell and certain cost synergies are realized FICO expects Adeptra's EBITDA margins to rise to 26%+ by FY14 - making the FY13 multiple more reasonable at 10x."

FY12 EPS estimate lowered from $2.59 to $2.57 and FY13 from $3.18 to $3.17.

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

Shares of Fair Isaac closed at $45.68 yesterday.

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