Oppenheimer Lifts Target on Millennial Media (MM) Amid Strong Q3
Tweet
Share
E-mailGet Alerts MM Hot Sheet
Price: $1.75 --0%
Rating Summary:
3 Buy, 7 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 8 | New: 10
Rating Summary:
3 Buy, 7 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 8 | New: 10
Join SI Premium – FREE
Oppenheimer boosted its price target on Outperform-rated Millennial Media (NYSE: MM) from $18 to $19 following strong 3Q results that were essentially in line with its pre-announcement, but ahead of the Street's.
The firm comments, "US unique users +7% q/q, while revenue/unique +10%. Revenue from existing clients increased 142% y/y, suggesting competition is not having an impact. Fourth-quarter guidance suggests a modest slowdown from 3Q, but could prove conservative given the rapid uptake of smartphones and tablets in 4Q. Ultimately, investors will grapple with the outlook for 2013. While we raised our estimate to 57% y/y growth, this is well below 3Q's 88% y/y growth and 4Q guidance of 78-82%. Raising price target to $19 from $18, or 5x 2013 sales. We view MM shares as the best way to play the mobile transition."
For an analyst ratings summary and ratings history on Millennial Media click here. For more ratings news on Millennial Media click here.
Shares of Millennial Media closed at $15.28 yesterday.
The firm comments, "US unique users +7% q/q, while revenue/unique +10%. Revenue from existing clients increased 142% y/y, suggesting competition is not having an impact. Fourth-quarter guidance suggests a modest slowdown from 3Q, but could prove conservative given the rapid uptake of smartphones and tablets in 4Q. Ultimately, investors will grapple with the outlook for 2013. While we raised our estimate to 57% y/y growth, this is well below 3Q's 88% y/y growth and 4Q guidance of 78-82%. Raising price target to $19 from $18, or 5x 2013 sales. We view MM shares as the best way to play the mobile transition."
For an analyst ratings summary and ratings history on Millennial Media click here. For more ratings news on Millennial Media click here.
Shares of Millennial Media closed at $15.28 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Morgan Stanley Assumes Match Group (MTCH) at Equalweight
- Las Vegas Sands (LVS) PT Raised to $75 at Citi
- Morgan Stanley Double Upgrades eBay (EBAY) to Overweight
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT ChangeSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
