UPDATE: Jefferies Reiterates Active Network at Buy;: Management Changes Are Immaterial
Jefferies reiterated its Buy rating and $18 price target on Active Network (NYSE: ACTV) following a realignment of management ranks.
Jefferies commented, "Active Network announced yesterday several top-level management promotions, which are expected to align Active's business units with its technology platform and help the company innovate faster, execute more effectively, and grow revenue and market share in the activity and participant management marketplace. While we are slightly disappointed, in reality, we don't expect that much to change in the day-to-day activities at the company."
Active Network closed at $12.55 on Thursday.
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