BMO Capital reiterated a Market Perform rating on Acxiom (NASDAQ: ACXM), and raised the price target to $23.00 (from $22.00), following the company's 3Q earnings report. ACXM reported non-GAAP EPS of $0.18, ahead of the Street’s $0.12 estimate. Revenue was $221.2MM, ahead of the Street’s $214.2MM. While Connectivity showed promise once again, it was Marketing Services and Audience Solutions that provided the upside to estimates.

Analyst Daniel Salmon commented, "ACXM reported F3Q16 non-GAAP EPS of $0.18 (which included a $0.02 tax benefit) vs. our and the Street’s $0.12 estimates. Revenue was $221.2MM, ahead of our $214.1MM estimate and the Street’s $214.2MM. Adjusted EBITDA came in at $39.2MM, ahead of our $36.6MM estimate and the Street’s $34.2MM. F2016 revenue guidance was increased to $835-$840MM versus Acxiom’s prior $815-840MM guidance. Management now expects FY2016 EPS to be as much as$0.54, compared to their prior $0.45 to $0.50 guidance. The company has officially begun reporting in three separate segments (Marketing Services, Audience Solutions, and Connectivity) and now discloses gross profit and operating income for each of them."

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Shares of Acxiom closed at $18.20 yesterday.