UPDATE: Oppenheimer Raises PT to $33 on Kenexa
Oppenheimer reiterates its Outperform rating on Kenexa (NASDAQ: KNXA) and raises its price target $3 to $33 on management meeting highlights suggesting robust outlook into 2012.
Oppenheimer comments, "We left our recent management meetings increasingly optimistic that demand for KNXA's solutions remains robust and believing it's gaining market share due to its expanding portfolio set, unique value proposition and recent consolidation in the HCM space. Additionally, despite investors' fears KNXA would see a barrage of RPO customers leave its platform, we don't believe that is the case and in fact expect healthy renewal rates (~80%) and a strong pipeline to drive another solid year for its RPO business. We expect these dynamics combined with a stable/improving employment environment to enable KNXA to walk 2012 estimates higher as the year unfolds."
KNXA closed at $28.32 a share on Wednesday.
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