CS First Boston upgraded Acxiom Corp. (ACXM) to buy from hold.
Analyst Anthia Christian says Acxiom announced an amended facility with its bank group, eliminating a major overhanging issue. The company says July was a profitable month, boding well for a return to profitability this quarter. Christian notes several deals have closed since the company released results on July 23, giving her more comfort in her estimates. She sees $0.31 fiscal 2002 (March) EPS estimate, and $0.56 EPS for fiscal 2003.
Christian says the company still has valuable services and a long list of blue chip clients. She notes Acxiom remains well positioned in the database marketing and information management space. She set a $15 12-month target.