UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Lowers PT on Constant Contact

In a report published Monday, BMO Capital Markets reiterated its Market Perform rating on Constant Contact

, but lowered its price target from $16.00 to $14.00. BMO Capital Markets noted, “We remain on the sidelines as Constant Contact works through its sales force reorganization and some Sandy impact in 4Q. On the former, the company is still seeking a new head of direct sales; CTCT has refocused on sale progression metrics instead of higher level ones like close rate and is seeing them improve and head back toward historical levels. In 2013, key sales initiatives will be around bundling and cross-selling. On the latter point, Sandy forced new acquisition Single Platform out of its Lower Manhattan HQ and it lost 10 business days and added some temporary disruption costs. Separately, the company has also eased off its 2013 expectations for Single Platform as its head of enterprise sales (think: large companies with many franchises, like quick-serve restaurants) left; management now expects $7 million from the new acquisition next year, down from $10 million previously. With all that being said, CEO Goodman was forthright and frank about the company's missteps in 2012 and said specifically that her recent open market stock purchases were meant to be interpreted that CTCT intends to reverse course in 2013 and show that the company is undervalued.” Constant Contact closed on Friday at $13.03.