Jefferies Reiterates Hold Rating on ValueClick (VCLK)

Jefferies is out with a research report this morning, where it reiterates its Hold rating on ValueClick VCLK; it has a $16.00 price target on the stock, up from $15.00. The Jefferies analysts noted that ValueClick was a beneficiary of the healthy holiday shopping season and showed stronger than expected performance in the O&O and Affiliate segments. They added that, while they are warming to the story, the valuation keeps them on the side lines. As for valuation, the analysts remarked, “At $16.49 (after close), VCLK is trading at an EV/EBITDA of 8.0x and P/E of 18.7x our FY11 estimates. Our FY11 PT of $16 is derived using a five-year DCF model.”