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Bear Stearns Upgrades Digitas to Outperform

From Standard & Poor's Equity Research

Bear Stearns upgraded Digitas (DTAS) to outperform from peer perform, explaining that the stock price has gotten cheaper amid ungrounded investor concern.

Analyst Alexia Quadrani says the stock has traded down about 12% over the last week amid concerns of possible client departures. The analyst recently spoke to several ad industry executives, and does not think any major client business is in jeopardy at this time. She thinks American Express (AXP) business (26% of revenue) and GM business (22% of revenue) remain healthy. She expects revenue growth of 25% in 2006 and 20% in 2007. She sees 67 cents 2006 EPS and 76 cents in 2007. She also has a $15 stock price target.

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