UPDATE: Wedbush Initiates Coverage on LivePerson with Neutral Rating, $8 PT Following 1Q13 Earnings Call

In a report published Friday, Wedbush analyst Shyam Patil initiated coverage on LivePerson

with a Neutral rating and $8.00 price target. In the report, Patil noted, “We are initiating coverage of LivePerson with a NEUTRAL rating and $8 price target. While we are upbeat on the company and its longer-term outlook, we believe the stock is likely to remain in the penalty box given the 2013 guidance reduction on the 1Q13 earnings call last night and limited visibility into the revenue contribution from the new platform strategy. Positive catalysts include: reduction in enterprise churn, large deal signings, continued traction with the new platform, improved implementation times for the new platform and better overall visibility into forward estimates. Negative catalysts include: large customer attrition, macroeconomic weakness (particularly in Europe), lengthening sales cycles, and growth deceleration.” LivePerson closed on Thursday at $8.12.