UPDATE: Cantor Fitzgerald Upgrades comScore to Buy Following Strong 1Q13 Results

In a report published Friday, Cantor Fitzgerald analyst Youssef Squali upgraded the rating on comScore (NASDAQ: SCOR) from Hold to Buy, and raised the price target from $16.00 to $20.00.

In the report, Squali noted, “comScore reported strong 1Q:13 results and 2Q:13/FY:13 guidance that exceeded Street expectations. We're upgrading the stock to BUY and raising our PT to $20 from $16, as the company seems to be gaining traction with new offerings, including validated Campaign Essentials (vCE), Digital Analytix, and Media Metrix Multi-Platform. SCOR reported GAAP revenue of $68.8M (+10.6% Y/Y growth or +12% pro-forma, i.e. ex. non-health copy testing biz), and adjusted EBITDA of $12.6M, ahead of StreetAccount estimates of $66.0M and $7.9M, respectively. 1Q:13 results also exceeded the high end of management guidance.”

comScore closed on Thursday at $15.94.