Canaccord Genuity Reiterates Buy on Constant Contact on Good March Quarter Results
In a report published Friday, Canaccord Genuity analyst Richard Davis reiterated a Buy rating and $18.00 price target on Constant Contact (NASDAQ: CTCT).
In the report, Davis noted, “CTCT's March quarter dispelled some of the pervasive fear surrounding the company's fundamentals, particularly after Vocus' epically weak outlook. We believe CTCT's value is too depressed relative to the firm's at least respectable fundamentals. While we might not dive in during what looked like short covering last night, we would be buyers over the next few days.”
Constant Contact closed on Thursday at $12.84.
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