Oppenheimer Maintains Perform Rating on Neutral Tandem

A report from Oppenheimer reiterates its Perform rating on Neutral Tandem

. The report states, “TNDM reported normalized 3Q11 EPS of $0.25, roughly in line with our estimate and a penny above consensus. Total revenues of $67.3M increased 45% YoY mostly driven by the Tinet acquisition. EBITDA margins declined 180 bps sequentially to 33.3%, below our forecast of 34.6%. We suspect that margins will trend down another 200 bps or so in the next few years." TNDM closed yesterday at $10.35.