Research Firms Initiating Coverage on ExactTarget

Listed below is today's coverage on the initiation of ExactTarget (NYSE: ET) at Benzinga:Canaccord Initiates ExactTarget at Buy, $32 PT:Canaccord said, "Exact Target looks set to harvest the reward of nearly a half decade of accelerated technology development with a growth ramp that should propel the firm's revenues ahead at least at a 20-25% annual pace through 2014e. With this ramp, earnings and cash flow should rise even faster from today's relatively depressed levels. In our experience, those attributes almost always lead to superior stock price performance, and we see no reason to believe that ET will not follow that path. As such, we have no hesitation recommending purchase of Exact Target shares at current levels."JP Morgan Initiates ExactTarget at Overweight, $36 PT:JP Morgan commented, "We believe ET's best-in-class platform in the fast growing areas of e-mail, mobile and social media marketing will continue to drive impressive top-line growth for the foreseeable future. Our $36 price target is based on our discounted cash flow analysis, representing 33% upside to current levels."Stifel Nicolaus Initiates ExactTarget at Buy, $32 PT:Stifel Nicolaus notes, "Successful consumer brands, such as Priceline, Microsoft, Groupon, BestBuy, and Papa John's rely upon ExactTarget to deliver targeted, timely, and consistent communication with end-consumers around the globe. Given our belief that ExactTarget's enterprise-scale offering, Cloud-based delivery model and forward-thinking product and globalization strategy will prove to be disruptive to the traditional marketing model, for years to come, we are initiating coverage on shares of ExactTarget (NYSE: ET) with a Buy rating and a $32 target price."Deutsche Bank Initiates ExactTarget at Buy, $35 PT:Deutsche Bank explained in the report, "ExactTarget is a leading provider of powerful interactive marketing solutions delivered through a disciplined, multi-tenant SaaS model. A robust SaaS platform with capability to massively scale from SMB clients to the largest enterprises while serving large volume of multi-channel communication with sub-one-second service level guarantees creates significant differentiation vs the competition. ExactTarget operates in a large, underpenetrated addressable market growing through secular shifts in marketing budgets, which presents numerous growth opportunities."All of Benzinga's Analyst Ratings news can be viewed here.