UPDATE: Credit Suisse Initiates LivePerson at Neutral on Implementation-Related Growth Delay

Credit Suisse initiated coverage on LivePerson LPSN with a Neutral rating and a $15.00 price target. Credit Suisse noted, "We believe LPSN is well positioned potentially to generate +20-25% revenue growth within the next few years, given its broad suite of data intelligence applications and its leadership position in interactive chat. However, as LPSN transitions from a single product to a multiproduct platform company, we believe the recent issue with longer implementation cycle times will weigh on revenue growth in 2013, with the potential for negative revisions over the next few quarters, hence our Neutral rating." LivePerson closed at $13.86 on Friday.