Bank of America Reiterates Underperform, $34 PO on Corporate Executive Board

Bank of America reiterates its Underperform rating and $34 target price on Corporate Executive Board (NYSE: EXBD) despite the fact that the company's fourth quarter performance and 2012 guidance look better than feared.

Bank of America says, "We downgraded EXBD from Buy to Underperform due to the potential for a European slow down, weak 2012 guidance, and disappointing 4Q bookings. We would describe 4Q11 results, bookings, and 2012 guidance as all better than feared. 2012 guidance benefits from the disposition of a lossmaking division (Toolbox.com) and the acquisition of Valtera (announced with results). We await details of the Valtera acquisition on Wednesday's 9am ET conference call."

EXBD closed at $40.69 a share yesterday.