UPDATE: Imperial Capital Initiates Coverage on ReachLocal

According to a research report published this morning, Imperial Capital has initiated ReachLocal

with an Outperform rating and $12 PT. Imperial Capital commented in the report, "We are initiating coverage of RLOC common stock with an Outperform rating and a one-year price target of $12. Our price target is based on 10.0x 2013 EV/EBITDA (including ~$3.00 per share in cash), and we estimate 2013 EBITDA of $25.8mn. RLOC is currently trading at 9.1x and 6.8x our 2012 and 2013 EV/adjusted EBITDA estimates, respectively." ReachLocal closed yesterday at $9.10.