UPDATE: Rodman & Renshaw Raises Target to $6 on Top Image Systems
Rodman & Renshaw raises its price target $2 to $6 on Top Image Systems (NASDAQ: TISA) following recent rally in share prices.
Rodman & Renshaw notes, "After a negative initial response to the company's 4Q11 results, which we were surprised by, TISA stock has rallied by over 33% in the last few weeks. This move has come on strong volume and we believe investors may have been taking advantage of the valuation discrepancy in this name relative to the industry. ...Recent news flow around project deployment and smartphone device associated patent filing gives us confidence to expand the valuation multiple that we are comfortable in assigning the story."
TISA closed at $3.91 a share on Thursday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.