Piper Jaffray Reiterates Overweight on MDC Partners

Piper Jaffray is out with its report today on MDC Partners

, reiterating Overweight. In a note to clients, Piper Jaffray writes, "Post our travels with CFO David Doft late last week in the Midwest, we remain excited about revenue and margin growth potential, both NT and LT. We expect strong net new business wins NT, partly aided by an absence of account losses, and a consistent trajectory of margin expansion over the NTM, levered by a healthy pipeline and investments made the past 18 months. We reiterate our Overweight rating and $23 price target (13x CY12E EV/FCF)." Shares of MDCA closed Friday at $18.65, down 0.05% from Thursday's close.