UPDATE: Stifel Reiterates On ChannelAdvisor On Mixed Factors
In a report published Tuesday, Stifel analyst Brad Reback reiterated a Buy rating on ChannelAdvisor (NYSE: ECOM), but lowered the price target from $40.00 to $30.00.
In the report, Stifel noted, “ChannelAdvisor posted a mixed 2Q14 print, with core/total revenue above guidance/consensus and adjusted EBITDA/EPS coming in-line. A key focus was the disappointing net 108 customer adds, which was down 22%-Y/Y and below our expectations of ~150 net adds. Management attributed the short-fall to several factors including a mix-shift during the quarter to up/cross-sell and greater-than-expected churn at the low-end of the market. That said, bookings grew 18% Q/Q and ARPU rose 5% Y/Y suggesting that the company's up-market momentum continues.”
ChannelAdvisor closed on Monday at $23.21.
Latest Ratings for ECOM
|Nov 2015||Stifel Nicolaus||Upgrades||Buy|
|Feb 2015||Deutsche Bank||Maintains||Hold|
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