Dutton Associates Announces Investment Opinion: PFSweb Rating Upgraded to Strong Speculative Buy in Update by Dutton Associates
January 10 2006 - 12:00PM
Business Wire
Dutton Associates continues coverage of PFSweb (Nasdaq:PFSW) with
an upgrade to Strong Speculative Buy and reiterating its $3.00
price target. The 13-page report by Dutton senior analyst David
Soetebier, CFA is available at www.jmdutton.com as well as from
First Call, Bloomberg, Zacks, Reuters, Knobias, and other leading
financial portals. PFSweb, Inc., is a global provider of integrated
business process outsourcing (BPO) solutions. Service fee revenues
were up a strong 52.1% year-over-year through the nine months ended
September 30, 2005, but the cost of moving some customer
fulfillment operations to a new facility and lower special project
revenues resulted in lower earnings. On November 10, 2005, the
Company announced plans to acquire eCOST Inc., an online retailer,
for an exchange of shares. The acquisition offers the potential to
accelerate growth but comes with the risk of a need to make the
operation profitable. Because of these near-term uncertainties the
stock has pulled back and we believe is severely undervalued. We
are upgrading from a Speculative Buy to a Strong Speculative Buy
rating on the shares and maintaining our 12-month target of $3.00.
About Dutton Associates Dutton Associates is one of the largest
independent investment research firms in the U.S. Its 27 senior
analysts are primarily CFAs, and have expertise in many industries.
Dutton Associates provides continuing analyst coverage of over 120
enrolled companies, and its research, estimates, and ratings are
carried in all the major databases serving institutions and online
investors. The cost of enrollment in our one-year continuing
research program is US $35,000 prepaid before commencement of our
research activities. We received $33,000 from the Company for 4
reports and requisite Research Notes commencing 2/28/2005, and do
not accept payment of our fees in company stock. Our principals and
analysts are prohibited from owning or trading in securities of
covered companies. The views expressed in this research report
accurately reflect the analyst's personal views about the subject
securities or issuer. Neither the analyst's compensation nor the
compensation received by us is in any way related to the specific
ratings or views contained in this research report or note. Please
read full disclosures and analyst background at www.jmdutton.com
before investing.
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