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ValueClick Jumps After Upgrade and New Coverage

Shares of ValueClick Inc. rose more than 8 percent Monday after one analyst upgraded the stock and another initiated coverage with a “buy” rating. The Westlake Village company, which distributes and tracks online advertisements, was upgraded Friday by analyst Brian Fitzgerald at Jefferies & Co. Fitzgerald switched his rating to “buy” from “hold” and raised his target price to $35 a share from $23. Then on Monday, Lake Street Capital initiated coverage of the company with a “buy” rating and a target price of $40. “While shares of ValueClick have seen a nice rise recently, we believe investors still underappreciate the uniqueness of the company’s affiliate marketing and ad retargeting assets,” Lake Street analyst Eric Martinuzzi wrote in a note to investors. Both analysts noted that ValueClick has a database of 200 million web users that will give the company an advantage as more Internet use shifts to mobile phones and tablet devices. Shares of ValueClick closed at $30.12, an increase of $2.37 or 8.5 percent Monday in trading on the Nasdaq.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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