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Bank of America reiterated a Buy rating on Digital River
DRIV and lowered its price target from $19 to $18.
Bank of America noted, “Digital River reported Q2 revenue/non-GAAP EPS of $90.8mn/$0.20 versus Street estimates of $93.4mm/$0.18. The top-line miss was largely due to lower than estimated commerce seg rev of $71.3mn (+2% y/y), below our $73.5mn est. Due to Digital River's high international exposure, stalling software sales pre-OS release and historically sluggish Q2 revs, our recent upgrade was not a call on Q2.”
Digital River closed at $17.79 on Tuesday.
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