Rodman & Renshaw Market Outperform on Magic Software Enterprises

Rodman & Renshaw is out with a research report on Magic Software Enterprises, Ltd. (NASDAQ: MGIC) and it has a Market Outperform rating and a $8 price target on shares.

In a note to clients, Rodman & Renshaw writes, "We reckon the company is well placed to ride the up-cycle of the prevailing technology inclination towards the cloud based, platform as a service offering. A $46.5mn cash balance, low working capital and negligible debt positions MGIC to sustain growth and expand both organically and inorganically."

Shares of MGIC are up 47 cents to $5.31, a gain of 9.67%.