Dutton Associates Announces Investment Opinion: PFSweb Strong Speculative Buy Rating In Update Coverage By Dutton Associates
September 15 2006 - 1:27PM
Business Wire
Dutton Associates updates its coverage of PFSweb (Nasdaq:PFSW)
maintaining a Strong Speculative Buy rating, and a $2.00 price
target. The 12-page report by Dutton senior analyst David P.
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. On February 1, 2006
the Company acquired 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. To date the integration of eCOST into PFSweb
has been more challenging than we earlier expected. Because of
these near-term uncertainties the stock has pulled back and we
believe it is sharply undervalued. However, we have reduced our
12-month target to $2.00 from $3.00 until eCOST is approaching
profitability or we are confident that eCOST will be profitable
shortly. We have a Strong Speculative Buy rating on the shares.
About Dutton Associates Dutton Associates is one of the largest
independent investment research firms in the U.S. Its 31 senior
analysts are primarily CFAs, and have expertise in many industries.
Dutton & Associates provides continuing analyst coverage of
over 140 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 $39,500 prepaid for 4 Research
Reports, typically published quarterly, and requisite Research
Notes. Dutton & Associates received $33,000 from the Company
for 4 Research Reports with coverage commencing on 2/28/2005. We 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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