Following Management Meetings, Oppenheimer Is More Confident In Constant Contact

Oppenheimer reports that it came away from its recent management meetings more confident in Constant Contact, Inc.'s CTCT three-pronged growth strategy (add new customers, cross-sell, expand usage) and ability to deliver 20%+ growth for the foreseeable future while maintaining/improving key metrics (ARPU, retention, margins, etc.). “Although the SMB market remains challenging, we believe CTCT is experiencing normal seasonality patterns and should deliver its largest gross customer additions for the year in 4Q10,” Oppenheimer writes. “This, coupled with our belief CTCT can reaccelerate strong net customer growth as the financial position of its SMB customers improves, keeps us buyers of the shares.” Constant Contact currently trades at $26.40.