Wunderlich Securities Believes User Growth Supports 3Q Expectations For MeetMe Inc

In a report published Wednesday, Wunderlich Securities analyst Blake T. Harper reiterated a Buy rating and $4.50 price target on

. In the report, Wunderlich Securities noted, “MeetMe, Inc. (MEET) traffic data from Quantcast continues to support our projections for user growth in 3Q, which contrasts with weakness in the stock. The company recently updated its Android and iPhone apps, and introduced username creation and search for Android users. Usernames are expected to be launched for iOS in the near future; the company expects to improve the virility of the service through word of mouth sharing of usernames. The shares have fallen 16% this month and 29% this quarter and are trading at 1.5x EV/S. Given the strong user metrics so far in 3Q and expectations for the company to continue to drive user growth with new product features through the rest of the year, we reiterate our Buy rating.” MeetMe Inc closed on Tuesday at $1.93.