New York, July 23 (FinanceEnquiry.com) – Analysts at Cannacord Genuity initiate HOLD ratings on the shares of KIT Digital (NASDAQ: KITD). The 12-month target price is set to $5.0.
In a research note published on June 20, the analysts state that KITD is a leading player in the bourgeoning field of online video management, a relatively new service, though it is exploiting the raised global demand and supply of non linear video.
The company is in the process of re-focusing its strategy and integrating the many smaller companies it had acquired in the past several years. This process has translated into management shifts, the lowering of FY12 revenue guidance and a major pullback in stock price. The company has been focusing on fewer and higher margin clients, which might improve profitability. It has been believed that KITD will be able to increase its shares in OVM, the analysts say.
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