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Piper Jaffray is out with a research report on ATA, Inc.
ATA and it is reiterating its Overweight rating and $17 price target on shares.
In a note to clients, Piper Jaffray writes, "We continue to recommend ATAI shares on the heels of the company's better-than-expected 2Q12 (Sept) results. Revenue was up 122.1% y/y to $11mil (Rmb70.4mil), ahead of our $9.6mil estimate (Street: $9.1mil). GAAP EPS was a penny above Street consensus of -$0.01. The company reiterated FY12 revenue guidance, while raising FY12 net income guidance well above our estimate, from Rmb40mil - Rmb45mil to Rmb55mil - Rmb60mil ($8.6mil-$9.4mil, PJC est: $7mil). 3Q12 revenue guidance,
however, was Rmb136mil - Rmb141mil ($21.3mil - $22.1mil), below our current estimate of $24.2mil (Street: $24.7mil). We will follow-up with more details post the earnings call at 8:00 am EST, Nov. 7."
Shares of ATA closed at $9.40 on Friday.
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