Maxim Group analyst Allen Klee reiterated a Buy rating on Forrester Research (FORR) yesterday and set a price target of $62. The company’s shares closed yesterday at $49.67, close to its 52-week high of $51.75.
Klee wrote:
“In 2Q19 results due Wed. 7/31 post-close, we project revenue of $126.5M, up 31% y/y; EBITDA of $10.6M, down 20%; and non-GAAP EPS of $0.60, up 78% y/y.”
According to TipRanks.com, Klee ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -13.8% and a 32.1% success rate. Klee covers the Technology sector, focusing on stocks such as Sify Technologies Limited, Dolphin Entertainment Inc, and ATN International Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Forrester Research with a $62 average price target.
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Based on Forrester Research’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $13.32 million. In comparison, last year the company had a net profit of $7.79 million.
Based on the recent corporate insider activity of 53 insiders, corporate insider sentiment is negative on the stock.
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Forrester Research, Inc. engages in the provision of research, data, and advisory services. It operates through the following segments: Research, Product, and Project Consulting.
