Monotype Imaging (NASDAQ:TYPE) Seems a Bargain Says GARP

Liking what they heard at a meeting with Monotype Imaging's (NASDAQ:TYPE) management at CES, GARP says the company looks like it's a bargain.

GARP said, "After meeting with Monotype’s managers at CES, we are reiterating our recommendation. We think the firm’s web-font & GUI opportunities may be bigger and more immediate than we originally thought. Also, we suspect unit growth in its printer business will remain ahead of the 8% IDC predicts for 2011. TYPE seems like a bargain. It sells for 17x our 2010 EPS estimate (only 10x our 2013 figure), and while it has other interesting opportunities, we think it could push mid-teens EPS growth just from modest secular expansion in laser-printer shipments."

GARP Research maintains a "Buy" rating on Monotype Imaging, which closed Thursday at $12.17, losing $0.32, or 2.56 percent.