Ascendiant Capital Reiterates Strong Buy, $7 PT on Autobytel on Solid Q412 Results

In a report published Wednesday, Ascendiant Capital reiterated its Strong Buy rating and $7.00 price target on Autobytel

. Ascendiant Capital noted, “Q4 (Dec.) 2012 results marked another solid quarter. Revenues were $16.9mm, -3.1% sequentially and +4.3% y-o-y, versus our $17.1mm forecast. Cost control remained strong, resulting in diluted EPS of $0.04 vs. our $0.02 forecast. Operating EBITDAS was $1.0mm, in line with our $1.0mm forecast. Operating leverage in the model begins to appear. For the year, revenues were $66.8mm, +4.7%, net income more than tripled to $1.4mm, and Operating EBITDAS was $4.4mm, +29%. (Guidance had been for 3-5% revenue growth and a tripling of net income.) Notably, Q4 2012 was the 7th consecutive quarter of profitability and 8th consecutive quarter of positive EBITDAS.” Autobytel closed on Tuesday at $4.38.