Wunderlich Securities Reiterates Buy Rating, $6.50 PT on Lionbridge Technologies
In a report published Wednesday, Wunderlich Securities reiterated its Buy rating and $6.50 price target on Lionbridge Technologies (NASDAQ: LIOX).
Wunderlich Securities noted, “Lionbridge Technologies, Inc. (LIOX) announced the acquisition of crowdsourcing player Virtual Solutions yesterday. With total consideration including earnouts of $7.6 million, this tuck-in acquisition is similar to the June 2012 acquisition of Productive Resources for $12 million. In our view, the expected EPS accretion of the deals is a positive, but we put greater emphasis on the cultural change signaled by management shifting focus to growth and strategic business development (offense) efforts rather than the prior focus on cost cutting and debt reduction (defense). With a view that growth acceleration appears increasingly likely, we reiterate our $6.50 price target and Buy rating.”
Lionbridge Technologies closed on Tuesday at $4.09.
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Tags: Wunderlich Securities