Oppenheimer Has Perform on Vistaprint

Oppenheimer & Co. is out with a research report on Vistaprint N.V. (NASDAQ: VPRT) and it has a Perform rating on shares.

In a note to clients, Oppenheimer & Co. writes, "Following Vistaprint's F1Q (Sept.) results, we are increasing our F12 non-GAAP EPS forecast to reflect share repurchases, and F13E non-GAAP EPS to reflect modestly higher margins. As a result, we are raising our price target to $36 from $32. While F1Q EBITDA and EPS declined y/y, results topped guidance as the company benefited from currency and greater expense allocation toward F2H. F12 guidance implies 20% PF revenue growth, excluding the Albumprinter acquisition and currency, consistent with F1Q results. Meanwhile, EBITDA guidance would suggest heavier investment in 2H12, with increased headcount and long-term investments driving customer lifetime value."

Shares of VPRT are up 12 cents to $33.67.