UPDATE: Canaccord Initiates Coverage on EXACTTARGET

According to a research report published this morning, Canaccord has initiated EXACTTARGET

with a Buy rating and $32 PT. In the report, Canaccord said, "Exact Target looks set to harvest the reward of nearly a half decade of accelerated technology development with a growth ramp that should propel the firm's revenues ahead at least at a 20-25% annual pace through 2014e. With this ramp, earnings and cash flow should rise even faster from today's relatively depressed levels. In our experience, those attributes almost always lead to superior stock price performance, and we see no reason to believe that ET will not follow that path. As such, we have no hesitation recommending purchase of Exact Target shares at current levels." EXACTTARGET closed yesterday at $27.01.