UPDATE: Taglich Brothers Reiterates Speculative Buy Rating, Lowers PT on Sonic Foundry
In a report published Friday, Taglich Brothers reiterated its Speculative Buy rating on Sonic Foundry (NASDAQ: SOFO), but lowered its price target from $12.25 to $10.50.
Taglich Brothers noted, “Maintaining Speculative Buy rating. Reducing our (12-month) price target to $10.50 from $12.25 per share due to sector and SOFO price-to-sales multiple compression. US domestic growth potential is substantial. Only 10,000 out of 225,000 US higher education classrooms are equipped with a comprehensive lecture capture system. SOFO's Mediasite lecture capture system is used in 1,500+ US education institutions. Leverage of existing relationships and marketing to new institutions is driving growth. Internationally the lecture capture education market is vast, with approximately 17,000 international postsecondary institutions. Sonic Foundry has 175 foreign education institutions using its Mediasite technology.”
Sonic Foundry closed on Thursday at $6.35.
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