TMRK Posts Good FQ3 Results, Downgraded On Valuation
Analysts at Jefferies & Co downgrade Terremark Worldwide (NASDAQ: TMRK) from "buy" to "hold," while reducing their estimates for the company. The target price for TMRK is set to $8.
According to Jefferies & Co, Terremark Worldwide reported its FQ3 revenues inline with and EBITDA marginally short of the estimates. It was another quarter of record bookings for TMRK, the analysts say. The results were “good,” considering the expiry of a large project, the analysts add.
The downgrade in the rating is based on valuation, according to Jefferies & Co. TMRK’s FY11 guidance is lower than the street expectations and the analysts view the guidance as conservative. Jefferies & Co has reduced its EPS estimate for FY11 from -$0.07 to -$0.18.
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