UPDATE: Drexel Hamilton Reiterates Sell Rating, Lowers PT on MicroStrategy

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In a report published Monday, Drexel Hamilton reiterated its Sell rating on MicroStrategy
MSTR
, but lowered its price target from $90.00 to $80.00. Drexel Hamilton noted, “Since the company reaffirmed in the 2Q12 Form 10-Q that it does ‘not expect to change sales and marketing headcount significantly in the near term' we think it is more likely that the company will have anemic revenue growth for the foreseeable future. Consequently, we lower our forward revenue estimates. We also lower our sales and marketing expense estimates, which helps to offset the impact from lower revenue on our operating income estimates near-term; however, longer-term we expect little margin expansion which leads us to pull down our 2013 estimates as well.” MicroStrategy closed on Friday at $117.62.
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Posted In: Analyst ColorPrice TargetReiterationAnalyst RatingsDrexel Hamilton
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