Canaccord Genuity Reiterates a 'Buy' on Bottomline Technologies (EPAY); Acquires Intuit's (INTU) Commercial Banking Solution
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Price: $56.99 --0%
Rating Summary:
1 Buy, 9 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 17 | Down: 14 | New: 17
Rating Summary:
1 Buy, 9 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 17 | Down: 14 | New: 17
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Canaccord Genuity reiterates a 'Buy' on Bottomline Technologies (NASDAQ: EPAY) price target of $32.00.
Analyst, Richard Davis, said, "Yesterday afternoon, Bottomline announced that it has entered into a partnership with Intuit (Nasdaq: INTU), under which EPAY will acquire the firm’s commercial banking business for $20 million in cash. With the acquisition, EPAY accelerates the transition of its commercial banking solution to the cloud by adding more than 500 cloud-based cash management customers. The transaction will expand EPAY’s reach beyond the Global 150 (adding optionality to go down market), and after a period of investment the firm will emerge with a cloud-based, subscription model in all three of its growth businesses – legal, B2B payments, and now banking. We view the partnership and transaction favorably and continue to expect EPAY shares to advance in line with mid- to high-teens intermediate-term (post F2012E) organic earnings growth."
For an analyst ratings summary and ratings history on Bottomline Technologies click here. For more ratings news on Bottomline Technologies click here.
Shares of Bottomline Technologies closed at $28.42 yesterday.
Analyst, Richard Davis, said, "Yesterday afternoon, Bottomline announced that it has entered into a partnership with Intuit (Nasdaq: INTU), under which EPAY will acquire the firm’s commercial banking business for $20 million in cash. With the acquisition, EPAY accelerates the transition of its commercial banking solution to the cloud by adding more than 500 cloud-based cash management customers. The transaction will expand EPAY’s reach beyond the Global 150 (adding optionality to go down market), and after a period of investment the firm will emerge with a cloud-based, subscription model in all three of its growth businesses – legal, B2B payments, and now banking. We view the partnership and transaction favorably and continue to expect EPAY shares to advance in line with mid- to high-teens intermediate-term (post F2012E) organic earnings growth."
For an analyst ratings summary and ratings history on Bottomline Technologies click here. For more ratings news on Bottomline Technologies click here.
Shares of Bottomline Technologies closed at $28.42 yesterday.
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