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EFII

Electronics for Imaging

$46.60

-0.58 (-1.23%)

14:21
10/13/16
10/13
14:21
10/13/16
14:21

Electronics for Imaging slides after forensic firm alleges 'accounting gimmicks'

Shares of Electronics for Imaging (EFII) are trading lower after GlassHouse, a short-leaning research firm made up of former forensic accountants and analysts, issued a report on "accounting irregularities" at the digital printing company. SHORT-SELLER WARNS OF FUZZY ACCOUNTING: In a short report published Thursday, GlassHouse Research criticized the "terminally ill" Electronics for Imaging, which it says "uses every accounting gimmick in the book to mask true economic earnings." The company has continuously used acquisitions to hide a lack of organic growth in the underlying business while undercounting its product warranty reserves, GlassHouse argues, adding that it has uncovered evidence of significant stuffing of inventory channels to maintain the appearance of healthy sales. Notably, Electronics for Imaging's non-GAAP twelve month income is now 290% above GAAP numbers, a chasm produced by what GlassHouse calls "persistent material exclusions" of expenses. The short-seller set a $13.50 target on shares of EFI. PRICE ACTION: Electronics for Imaging shares are down 6% to $43.74 in afternoon trading. Reference Link

  • 24

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  • 04

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    Nov

EFII Electronics for Imaging
$46.60

-0.58 (-1.23%)

07/26/16
BMUR
07/26/16
NO CHANGE
Target $60
BMUR
Buy
Electronics for Imaging should be bought on pullbacks, says Brean Capital
Brean Capital acknowledged Electronics for Imaging is in "show-me" territory following its price appreciation and can understand disappointment with the company's latest Q2 results. The firm believes the company would have posted better numbers except for the Brexit disruption and they see many levers heading into 2017 that could add to revenues. Brean Capital reiterated its Buy rating and $60 price target on Electronics for Imaging shares.
08/25/16
STFL
08/25/16
INITIATION
STFL
Buy
Electronics for Imaging initiated with a Buy at Stifel
Target $53.
09/09/16
WBLR
09/09/16
INITIATION
WBLR
Outperform
Electronics for Imaging initiated with an Outperform at William Blair
William Blair analyst Brian Drab started Electronics for Imaging with an Outperform rating.
09/27/16
NEED
09/27/16
INITIATION
Target $58
NEED
Buy
Electronics for Imaging initiated with a Buy at Needham
Needham analyst James Ricchiuti initiated Electronics for Imaging with a Buy and a $58 price target. The analyst said Electronics for Imaging has a long and successful track record of disrupting the analog printing market and sees accelerating organic growth in 2017 and 2018, benefiting from improving conditions in its core markets and growing momentum in new areas, notably the corrugated packaging printing market.

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