UPDATE: Stifel Nicolaus Initiates ExactTarget with Buy, $32 PT; Disruptive Cloud-Based Model

Stifel Nicolaus says in a recent note that it initiates its coverage on ExactTarget

with a Buy rating and a price target of $32 per share. 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

with a Buy rating and a $32 target price." ET closed at $27.01 on Monday.