UPDATE: Ladenburg Thalmann Initiates Buy, $7.50 on Local.com Corporation
Ladenburg Thalmann initiates its coverage on Local.com Corporation (NASDAQ: LOCM) with a Buy rating and $7.50 on an anticipated strong 2012 with return on both revenue and earnings growth.
Ladenburg Thalmann says, "Given the anticipated growth of local online ad spending and Local Corp's leadership position, we believe the company is positioned for an extended period of notable revenue and earnings growth. We anticipate that revenues in 2012 will reach $112.5 million, up 41% above calendar 2011. We believe there is considerable operational leverage in business model and estimate that non-GAAP net income and adjusted EBITDA will growth much faster than revenues."
LOCM closed at $2.59 a share on Friday.
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