Dutton Associates Announces Investment Opinion: PFSweb Strong Speculative Buy Rating In Update Coverage By Dutton Associates
January 23 2007 - 12:15PM
Business Wire
Dutton Associates updates 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 expected. Through September 30,
2006, PFSweb had to advance $10.0 million to eCOST. Because of
these near-term uncertainties, the stock has pulled back and we
believe it is sharply undervalued. However, earlier this year we
did reduce our 12-month target to $2.00 from $3.00. We are
concerned that until eCOST is approaching profitability, or
investors are confident that eCOST will be profitable shortly, the
shares could stay depressed. 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
$35,000 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. For more
information on this release, or on enrolling a company for research
coverage, please contact John Dutton at 916-941-8119.
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