Needham & Company Maintains a 'Buy' on ReachLocal (RLOC); More Conservative FY12 View as the Challenging Economic Environment Persists

Needham & Company maintains a 'Buy' on ReachLocal (NASDAQ: RLOC) price target lowered from $15 to $10.

Needham analyst says, "We are lowering our FY12 estimates for ReachLocal to reflect a greater impact of the challenging economic environment on our FY12 revenue growth, and greater investment in international expansion. Despite our lower estimates, we continue to believe valuation remains attractive, particularly given our estimates for ReachLocal’s revenue and EBITDA growth of 20% and 37% in FY12." (Needham cuts FY12 EPS estimate from $0.15 to (0.10))

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

Shares of ReachLocal closed at $7.34 yesterday.

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