Seeking Alpha

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.
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