Barrington Research reiterated an
Outperform rating on Textura Corp (NYSE: TXTR) with a price target of $30.
May 8, 2014 1:59 PM EDT, article from
streetinsider.com
Analyst Jeff
Houston said, "Management lowered calendar 2014 expectations due to delays
both in signing new general contractors (GCs) and existing clients’
implementations. It attributed the deferment mostly to GCs investigating the
rogue short report as well as the severe cold weather to a lesser extent. While
these issues existed in January and February, business returned to normal in
March and April. As for Q1/14, revenue was slightly below consensus (albeit
near the high end of guidance) and adjusted loss per share was above
expectations."
"Textura
went public in June 2013 at $15 per share and priced a secondary offering in
September at $38. Its stock peaked at $47.63 in October and the stock is down
6% today, to $15.00. Also presenting some headwind for the stock, it carries a
high short interest (41.8% of float as of 4/15/14) and there has been a general
compression of SaaS valuations. Still, we maintain our OUTPERFORM investment
rating and $30 price target. Given our forecast for a significant profitability
ramp and continued 50% organic growth in 2015, we think the stock should trade
at a premium to the overall SaaS group. Its disruptive technology is
modernizing the large and underpenetrated commercial construction
industry," he added.
Textura Corp
(NYSE:TXTR)
14.43
-1.63 (-10.15%)
Real-time:
2:55PM EDT, May 8, 2014
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