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Citigroup Ups Electronics For Imaging to Buy

From Standard & Poor's Equity Research

Citigroup upgraded Electronics For Imaging (EFII) to buy from hold, explaining that the company's share price has fallen by almost 35% since mid April.

Analyst Matt Troy notes investor concerns over Canon product-cycle pushouts and stock options back-dating. But he believes the recent sell-off in the stock is overdone, particularly as investors now seem to be splitting hairs with respect to the exact timing of a Canon product cycle that will play out over the next several quarters or years. He thinks investors should view Electronics For Imaging as a play on the multi-year trend toward the company's growth in color, adoption of high-end digital printing into graphics arts, and the commercial print industry. He would use the company's recent weakness to buy the stock.

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