MindBody Inc MB announced its initial public offering of its 7.15 million common shares at the price of $14 per share on June 19. Shares dropped 17.43 percent on the close of its first day trading.
Nearly a month later, shares are trading in the $13 range. Wall Street analysts have initiated coverage on the tech company:
Morgan Stanley: Overweight rating along with a price target of $16.50.
Credit Suisse: Outperform rating, $18.00 PT.
UBS Securities: Buy rating, $19.00 PT.
Keybanc: Overweight rating, $19.00 PT.
JMP Securities: Market Overweight rating, $22.00 PT.
Pacific Crest: Overweight rating, $19.00 PT.
SUMMARY: 4 Overweight, 1 Outperform and 1 Buy rating with PT range of $16.50-$22.00.
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