UPDATE: Credit Suisse Initiates Exact Target at Outpeform on Secular Strength

Credit Suisse initiated coverage on ExactTarget, Inc.

with an Outperform rating and a $30.00 price target. Credit Suisse commented, "We view ET as a structural winner in the fast-growing cross-channel interactive marketing (CCM) sector, driven by the secular shift from offline to online marketing trends. We view ET as positioned to deliver accelerating ARPU gains from e-mail marketing growth at medium/large enterprises, expansion into social and mobile channels, enhanced product offerings from recent acquisitions, increasing international penetration, and margin expansion stemming from high levels of investments." Exact Target closed at $22.52 on Friday.