UPDATE: Topeka Capital Markets Downgrades Vistaprint to Hold on European Recovery Visibility
Topeka Capital Markets downgraded Vistaprint (NASDAQ: VPRT) from Buy to Hold and lowered the price target from $45.00 to $39.00.
Topeka Capital Markets commented, "While the reported FY2Q13 surpassed expectations on revenues and EPS, management expects the European turnaround will be a "long-term effort". We had previously believed improvements in European performance were near-term. In addition, the Company stated that it is unlikely to achieve its goal of $2B in revenues by FY2016. As such, we can no longer recommend the stock for purchase and move to a Hold."
Vistaprint closed at $35.85 on Thursday.
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