UPDATE: H.C. Wainwright Downgrades Top Image Systems (TISA) to Neutral

February 5, 2019 7:09 AM EST
Get Alerts TISA Hot Sheet
Price: $0.85 --0%

Rating Summary:
    1 Buy, 3 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 3 | Down: 5 | New: 8
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(Updated - February 5, 2019 7:16 AM EST)

(updated to add analyst comment)

H.C. Wainwright analyst Kevin Dede downgraded Top Image Systems (NASDAQ: TISA) from Buy to Neutral with a price target of $0.86 (from $3.00).

The analyst comments "TIS has struggled as of late in restructuring its organization while building relevant solutions for a market where the processing environment has accelerated toward the cloud. Available development resources are not a luxury TIS has enjoyed given its loss-making history, and the Kofax offer, we think, should be viewed favorably by shareholders given the 65% premium. With TISA shares popping 31c to 83c and just 3c below Kofax's offer (vs. a 1% Nasdaq gain yesterday), primarily on the announcement yesterday, we are inclined to reduce our rating to Neutral from Buy and our price target to that of Kofax's offer of $0.86 per share down from our previous target of $3.00."

For an analyst ratings summary and ratings history on Top Image Systems click here. For more ratings news on Top Image Systems click here.

Shares of Top Image Systems closed at $0.83 yesterday.

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