Deutsche Bank Reduces 2011 Estimates On MDCA

Deutsche Bank is reducing its 2011 organic growth estimate on shares of MDC Partners Inc.

“from 9.7% to 8.9% (guidance 7-10%) to account for four months of impact, while our EBITDA is lowered only slightly from an above guidance $114m to $112m (guidance $108-112m) as we believe management has a lot of flexibility to dial up or down its investment plans to deliver on guidance.” “Importantly, we do not expect 2011 guidance to change at this stage in the year, although any upside to guidance is more limited at this point,” Deutsche Bank writes. “For 2012, our estimates go from 7.0% to 6.1% and from $130m to $127m for organic revenue growth and EBITDA, respectively.” MDC Partners closed Friday at $16.34.