Benchmark Upgrades eResearch Technology (ERT) to Buy, Citing Valuation and Improving Outlook
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Price: $7.98 --0%
Rating Summary:
0 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
0 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Benchmark upgraded eResearch Technology (NASDAQ: ERT) from Hold to Buy. PT raised to $7.50.
Benchmark analyst said, "Our current-quarter non-GAAP EPS forecast is increased to $0.11 from $0.09. Our full-year 2011 non-GAAP EPS forecast is increased to $0.46 from $0.40. Our price target now reflects 15x our $0.51 non-GAAP EPS forecast in 2012. Our upgrade to Buy is based on ERT’s valuation near its 52-week low, and our impression of incrementally improving fundamentals after meeting with new management. Our 2012 EPS forecast is increased more modestly, from $0.47 to $0.51. Our long-term growth outlook remains constrained due to challenging pharmaceutical services industry dynamics but we believe these challenges are reflected in the current share price."
For more ratings news on eResearch Technology click here and for the rating history of eResearch Technology click here.
Shares of eResearch Technology closed at $5.49 yesterday.
Benchmark analyst said, "Our current-quarter non-GAAP EPS forecast is increased to $0.11 from $0.09. Our full-year 2011 non-GAAP EPS forecast is increased to $0.46 from $0.40. Our price target now reflects 15x our $0.51 non-GAAP EPS forecast in 2012. Our upgrade to Buy is based on ERT’s valuation near its 52-week low, and our impression of incrementally improving fundamentals after meeting with new management. Our 2012 EPS forecast is increased more modestly, from $0.47 to $0.51. Our long-term growth outlook remains constrained due to challenging pharmaceutical services industry dynamics but we believe these challenges are reflected in the current share price."
For more ratings news on eResearch Technology click here and for the rating history of eResearch Technology click here.
Shares of eResearch Technology closed at $5.49 yesterday.
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