UPDATE: Barrington Research Downgrades VistaPrint to Market Perform on Organic Growth Deceleration
Barrington Research reduced its rating on VistaPrint (NASDAQ: VPRT) from Outperform to Market Perform.
Barrington Research commented, "Due to continued underperformance in Europe and lowered expectations for organic constant currency revenue growth, we reduced our investment rating to MARKET PERFORM on October 26. Management believes that European revenue growth can improve during the remainder of fiscal 2013, but we believe returning to high-teens or low-20s revenue growth in Europe could be a longer-term proposition. Since Europe represents nearly 40% of total company revenue, its underperformance could continue to mask solid performance in North America and Asia Pacific."
VistaPrint closed at $30.42 on Thursday.
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