UPDATE: JP Morgan Raises PT on Monotype Imaging to $17.50
JP Morgan has published a research report on Monotype Imaging (NASDAQ: TYPE) and has raised the price target from $16 to $17.50 after the company reported a solid quarter.
In the report, JP Morgan writes, "Results and FY12 outlook look in line excluding transaction costs related to Bitstream acquisition, as printer business was up q/q and growth businesses continued to outperform. Outlook for 1Q is better as strong holiday season benefits OEM business, and FY12 outlook is unchanged adjusting for transaction costs. Looking forward, we think the potential closing of the Bitstream acquisition could take numbers up and be a positive catalyst."
JP Morgan maintains its Overweight rating on Monotype Imaging, which is currently trading up $0.91 from yesterday's $14.70 closing price.
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