Zacks Investment Research upgraded shares of J2 Global Inc (JCOM) from UNDERPERFORM to NEUTRAL on December 10, 2013, with a target price of $48.00.
We are upgrading our recommendation on j2 Global to Neutral based on strong third-quarter fiscal 2013 results, record-high quarterly revenues, EBITDA, free cash flow and record-low churn rate. The impressive performance was primarily 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 the rest of 2013. We believe that the company's healthy financial position and diversified product pipeline will sustain its future growth. However, stiff competition coupled with huge dependency on smaller number of telecommunication carriers may act as headwinds for the company going forward. Meanwhile, the stock price, currently trading at the high-end of 52-week period, has surged nearly 54% in the last one year.
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