AOL Shares Rise ~3% as Needham Ups Target, Sees Strong Q4 Sub Sales

In a report published Monday, Needham analyst Laura Martin raised her AOL

price target from $46 to $57. The analyst maintains a Buy rating on the stock. Fourth quarter and FY2014 EPS and revenue forecasts were also revised upward by Martin, reflecting optimistic comments made by AOL's management at a recent conference and increased subscription revenue in the fourth quarter. The research note and estimate/price target revisions come ahead of AOL's fourth-quarter results on Feb. 6. Shares jumped over 4 percent to an intraday high of $49.91 following Needham's report, and have pulled back slightly by midday. The stock is now up 2.2 percent at last check.