Rodman & Renshaw reiterates its Outperform rating on Magic Software Enterprises MGIC and raises its price targe to $10 from $8, driven by expectations of continued business growth.
Rodman & Renshaw notes, "The company grew revenues and net income by 28% and 60% in 2011. After demonstrating nine consecutive quarters of growth we believe the stock should be on the path towards trading in line with industry average P/E multiples of ~25x compared to the ~15x P/E multiple currently being assigned to it. The Japanese and US markets for MGIC should remain healthy. Investors should be looking for the company's mobile offering."
MGIC closed at $6.48 a share on Tuesday.
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