Dougherty & Co Starts Ellie Mae (ELLI) at Buy; Mortgage Automation Leader Thriving
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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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Dougherty & Co initiates coverage on Ellie Mae (NYSE: ELLI) with a Buy. PT $30.00.
Analyst, Raghavan Sarathy, said, "We see upside to the company’s 3Q and full year outlook and expect Ellie Mae to beat and raise outlook once again. For 3Q, we forecast non-GAAP EPS/revenue of $0.23/$24.7 million..."
"With Ellie Mae shares having more than quadrupled year-to-date, some may be concerned that the company will face tougher comparison in 2013 as loan origination volume is expected to decline 22% yr./yr. in 2013. We, however, believe there is potential for further upward revisions to 2013 mortgage origination volume since the Federal Reserve could initiate a third round Quantitative Easing (QE) or extend the commitment to low interest rates beyond 2014, more home owners take advantage of the current HARP 2.0 program, which ends in December 2013, and the possibility for HARP 3.0, which is currently under consideration."
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 $25.90 yesterday.
Analyst, Raghavan Sarathy, said, "We see upside to the company’s 3Q and full year outlook and expect Ellie Mae to beat and raise outlook once again. For 3Q, we forecast non-GAAP EPS/revenue of $0.23/$24.7 million..."
"With Ellie Mae shares having more than quadrupled year-to-date, some may be concerned that the company will face tougher comparison in 2013 as loan origination volume is expected to decline 22% yr./yr. in 2013. We, however, believe there is potential for further upward revisions to 2013 mortgage origination volume since the Federal Reserve could initiate a third round Quantitative Easing (QE) or extend the commitment to low interest rates beyond 2014, more home owners take advantage of the current HARP 2.0 program, which ends in December 2013, and the possibility for HARP 3.0, which is currently under consideration."
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 $25.90 yesterday.
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