William Blair Is Outperform On Vistaprint (VPRT)

William Blair & Co has written a research piece on Vistaprint VPRT and is reiterating its Outperform rating on the stock, even though the company reported weak guidance and in line quarter. It has a price target of $38 on shares of Vistaprint. In a note to investors, William Blair writes, "Fourth-quarter earnings were roughly in line, but the top line came in below plan and guidance was a significant disappointment. In addition to a hit from foreign currency, execution issues in ramping infrastructure and a weak return on broadcast advertising caused a near-term negative impact on revenue. Recognizing the likely near-term pressure on the stock, our continued Outperform rating is based on the assumptions that the stock opens at less than 18 times our new 2011 EPS estimate and that long-term earnings growth is at least double the 9.3% growth rate implied by the midpoint of 2011 non-GAAP EPS guidance." Vistaprint is getting hammered this morning, trading at $36.26‎, down $14.00‎ in pre-market trading.