AVG Technologies Lowered to “Neutral” at Goldman Sachs (AVG)
AVG Technologies (NYSE: AVG) was downgraded by equities research analysts at Goldman Sachs from a “buy” rating to a “neutral” rating in a research note issued to investors on Tuesday, TheFlyOnTheWall.com reports.
The analysts wrote, “We downgrade AVG to Neutral from Buy as the shares approach our revised $18.50 12-mo. price target and we see more attractive upside in other names. Since adding AVG to the Buy List the shares are +25% vs. the Russell 3000 +17%. AVG currently trades at 7X 2013E EV/uFCF, which we believe is a justified discount to peers given the increased risk around Platform revenue growth, and the added uncertainty related to the CEO transition. We still expect total revenues to grow at an average ~14% through 2013, but favor better secularly-positioned security names such as CL-Buy Palo Alto Networks (59% upside). AVG also announced debt refinancing and a 2.5mn share buyback.”
Several other analysts have also recently commented on the stock. Analysts at JP Morgan Cazenove raised their price target on shares of AVG Technologies from $23.00 to $24.00 in a research note to investors on Thursday, April 25th. Separately, analysts at Zacks downgraded shares of AVG Technologies from an “outperform” rating to a “neutral” rating in a research note to investors on Wednesday, April 24th. They now have a $15.40 price target on the stock. Finally, analysts at BWS Financial initiated coverage on shares of AVG Technologies in a research note to investors on Thursday, March 14th. They set a “buy” rating and a $30.00 price target on the stock.
One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $22.08.
Shares of AVG Technologies (NYSE: AVG) traded down 2.29% during mid-day trading on Tuesday, hitting $17.08. AVG Technologies has a one year low of $9.42 and a one year high of $18.13. The stock’s 50-day moving average is currently $14.72. The company has a market cap of $923.1 million and a P/E ratio of 16.08.
AVG Technologies (NYSE: AVG) last announced its earnings results on Wednesday, April 24th. The company reported $0.58 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.38 by $0.20. The company had revenue of $104.73 million for the quarter, compared to the consensus estimate of $97.25 million. During the same quarter last year, the company posted $0.34 earnings per share. AVG Technologies’s revenue was up 26.2% compared to the same quarter last year. AVG Technologies has set its Q2 guidance at $0.39-0.45 EPS and its FY13 guidance at $1.74-1.94 EPS. Analysts expect that AVG Technologies will post $1.90 EPS for the current fiscal year.
AVG Technologies N.V. (NYSE: AVG) provides software and online services that deliver to users by securing their Internet.
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