mdf commerce Ord Shs MECVF

Echelon Capital

[retiredcf]

Echelon Capital’s Amr Ezzat reduced his target for mdf commerce Inc.  to $15 from $20 with a “buy” rating. The average is $13.67.

“mdf commerce’s FQ222 numbers reflect flat organic sales quarter-over-quarter on lower transacted volumes during the summer months and continued margin pressure as the Company invests in the business and digests its recently closed Periscope acquisition,” he said. “We went into the reporting expecting a messy quarter on the acquisition. EBITDA came broadly in line, top line came in below our estimate, but MRR growth impressed. While we recognize that slower growth and EBITDA pressure do little to help the Company’s valuation, we continue to see tremendous value in the business.”