real-time news and commentary for investors
Tuesday, Sep 17
Perion Network climbs on Benchmark PT hike
- Shares of Perion Network (PERI +5.8%) climb after Benchmark hikes its PT to $19 from $16 and reiterates a Buy rating.
- The firm is bullish on Perion's reverse merger with Conduit's toolbar unit: "We view the transaction as a significant positive for Perion, giving the company instant scale at a sub-market purchase multiple of 5.5x 2014E EV/EBITDA assuming what we believe is a conservative outlook for Conduit, including no benefit from cost synergies or leverage from existing distribution relationships."
- SA contributor Igor Novgorodtsev believes the merger will capitalize on business synergies and complementary business models.