UPDATE: H.C. Wainwright Downgrades Top Image Systems (TISA) to Neutral
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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."
Shares of Top Image Systems closed at $0.83 yesterday.
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