UPDATE: Wedbush Initiates Coverage on ValueClick with Neutral Rating, $22 PT on Good Market Position

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

with a Neutral rating and $22.00 price target. In the report, Wedbush noted, “We are initiating coverage with a NEUTRAL rating and $22 price target. We believe ValueClick is well-positioned in its core markets and will benefit from the secular growth in online advertising and e-commerce, but recent execution and client-specific issues are likely to take some time to sort through. While the stock is likely to remain flattish in near term, we would note that the company has always bounced back after hitting speed bumps in the past and we believe will do so again.” ValueClick closed on Thursday at $20.65.