Needham & Company Maintains a 'Buy' on Ellie Mae (ELLI); MBA’s Survey Suggests Nothing But Upside
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Price: $98.99 --0%
Rating Summary:
6 Buy, 13 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
Rating Summary:
6 Buy, 13 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
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Needham & Company maintains a 'Buy' on Ellie Mae (NYSE: ELLI) price target of $24.00.
Analyst, Michael Huang, said, "We were encouraged by the Mortgage Bankers Association’s “Weekly Application Survey,” published yesterday, which highlighted that mortgage applications were up an impressive 16.9% for the week ending July 13 from one week earlier. The strengthening of mortgage applications represents a clear positive for ELLI in our view, reinforcing our view that estimates are headed up for the year."
"While we’d be remiss to raise the expectations bar just ahead of the Q2 report (on Aug 1st after market close), we wouldn’t be terribly surprised if F12 estimates were raised by $3-5 million (on revs) and $0.12 (on the bottom line) when all is said and done." (Despite over 200% run up in share price, Huang said the stock still isn't expensive)
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 $19.03 yesterday.
Analyst, Michael Huang, said, "We were encouraged by the Mortgage Bankers Association’s “Weekly Application Survey,” published yesterday, which highlighted that mortgage applications were up an impressive 16.9% for the week ending July 13 from one week earlier. The strengthening of mortgage applications represents a clear positive for ELLI in our view, reinforcing our view that estimates are headed up for the year."
"While we’d be remiss to raise the expectations bar just ahead of the Q2 report (on Aug 1st after market close), we wouldn’t be terribly surprised if F12 estimates were raised by $3-5 million (on revs) and $0.12 (on the bottom line) when all is said and done." (Despite over 200% run up in share price, Huang said the stock still isn't expensive)
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 $19.03 yesterday.
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