In a report issued on June 12, Kevin Liu from B.Riley FBR reiterated a Buy rating on Monotype (NASDAQ: TYPE), with a price target of $31. The company’s shares closed yesterday at $22.
Liu noted:
“Monotype Imaging Holdings (TYPE) announced an efficiency program in which the company plans to sunset non-core products and relocate both resources and facilities to better align with the company’s long-term strategic initiatives. In total, the program is expected to yield as much as $8M in annualized savings with the impact on revenues likely nominal in our view. We note that management’s prior 2Q guidance ranges were reaffirmed aside from GAAP EPS, which now reflect the non-recurring expenses associated with the program. A revised FY18 outlook will be provided in conjunction with TYPE’s next earnings release, but we suspect management will take a conservative posture as it relates to near-term savings. In other words, we assume guidance for FY18 will be left largely unchanged save for the 2Q restructuring expenses.”
According to TipRanks.com, Liu is a 5-star analyst with an average return of 15.3% and a 66.7% success rate. Liu covers the Technology sector, focusing on stocks such as Cornerstone Ondemand, Computer Task, and Determine Inc.
Monotype has an analyst consensus of Moderate Buy, with a price target consensus of $29.25.
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The company has a one-year high of $26.75 and a one-year low of $15.75. Currently, Monotype has an average volume of 244.9K.
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Monotype Imaging Holdings, Inc. engages in the development, marketing, and licensing of technologies and fonts for creative professionals and consumer device manufacturers. It operates through the following geographical segments: United States, United Kingdom, Germany, Japan, and Other Asia.
