Zacks Investment Research upgraded shares of j2 Global Inc (JCOM) from NEUTRAL to OUTPERFORM on March 11, 2014, with a target price of $61.00.
j2 Global reported mixed fourth quarter 2013 financial results where the bottom line significantly surpassing the Zacks Consensus Estimate but the top line missing the same. Record revenue growth, lower churn rate, higher EBITDA and free cash flow will continue to act as tailwinds for the company. The improved performance can primarily be attributed to the company's diversification into cloud business, installation of a media business and initiation of the intellectual property program. j2 Global provided a strong financial outlook for 2014. We believe that the company's strong financial position will allow it to accomplish future acquisitions and its diversified pipeline will help maintain growth. Hence, we upgrade our recommendation on j2 Global to Outperform from Neutral.
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