UPDATE: Canaccord Genuity Initiates Spark Networks at Buy
Canaccord Genuity initiated coverage on Sparks Networks (NYSE: LOV) with a Buy rating and a $10 price target.
Canaccord Genuity commented, "We believe Spark is well positioned to fund a large growth opportunity in Christian Networks with the robust and stable cash flows from Jewish Networks. Success in growing Christian Networks could double the revenue base in three years by our projections. In addition, we believe there are attractive future media opportunities related to this large, growing, and active Christian user base."
Spark Networks closed at $6.23 on Monday.
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