UPDATE: BMO Capital Markets Downgrades Acxiom to Market Perform on Revenue Visibility
BMO Capital Markets downgraded Acxiom (NASDAQ: ACXM) from Outperform to Market Perform and maintained a $20.00 price target.
BMO Capital Markets commented, "We believe Acxiom's executive hires, cost efficiencies, capital returns, and strategic vision have been excellent since CEO Howe joined in July 2011. However, we have maintained that for the stock to work into the mid-$20s, revenue acceleration is required, and that appears on hold. To be sure, there are good signs: the top 20 clients were up double digits again this quarter, while the Top 100 is up 9% YTD. However, the client base after #100 was down ~8% and management cautioned that it will likely be F2H14 before total revenue perks up."
Acxiom closed at $18.68 on Wednesday.
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