UPDATE: Barrington Research Initiates Blucora at Outperform on Growth Orientation

In a report published on Thursday, Barrington Research analyst Alexander Paris initiated coverage on Blucora BCOR with an investment rating of Outperform and a price target of $24.

In the report, Barrington Research stated, "We are initiating coverage of Blucora with an OUTPERFORM investment rating as we believe that its growth orientation, expanding margin profile, and the potential impact of additional acquisitions, warrants a $24 price target, which assumes a 9.5x multiple on our 2013 adjusted EBITDA estimate, in line with the average multiple in both the search and tax segment comp groups."

Blucora closed on Wednesday at $17.88.