Needham Analyst Reiterates Buy on TechTarget Inc (TTGT)
Needham analyst, Kerry Rice, reiterated a Buy rating and $12.00 price target on TechTarget, Inc. (NASDAQ:TTGT) ahead of the company’s 2Q earnings report.
Rice expects TechTarget to report revenues of $29.5M and an adjusted EBITDA of $6.5M, in-line with consensus expectations.
Rice commented, “We expect strong growth of 31% y/y from IT Deal Alert products in 2Q16. While somewhat slower than the 2Q16 growth of 34% y/y due to seasonality and sluggish global IT spending, we expect the company’s Priority Engine and Deal Data products to continue ramping.”
The analyst does not expect IT spending growth to improve in FY16 due to the fact that Gartner’s updated IT spending forecast for flat FY16 growth did not include an impact from Brexit.
According to TipRanks, Kerry Rice is ranked #1,034 of 4,057 analysts. He maintains a success rate of 54% and realizes an average annual return of 2.8%.