Friday, December 3, 2010

GSI Commerce (NASDAQ:GSIC) Driven by Strong Holiday Spending

Citing what they consider will be a Christmas spending season that exceeds expectations, Wedbush maintains their "Outperform" rating on GSI Commerce (NASDAQ:GSIC).

Wedbush said, "We expect online holiday spending to outperform expectations given the strong Black Friday, Cyber Monday, and follow through spending. We are slightly raising our Q4 and 2011 revenue estimates and given the spending strength it is reasonable to expect above consensus results. We are increasing our Q4 and FY11 revenue estimates by $10 million to $1.36 billion and 1.57 billion. We are maintaining our pro forma EPS estimates."

GSC closed Thursday at $24.46, up by $0.48, or 2.00 percent. Wedbush has a price target on them of $33.

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