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Fly News Breaks for August 10, 2016
MCHX
Aug 10, 2016 | 08:07 EDT
Piper Jaffray analyst Gene Munster believes shares of Marchex will likely trade near cash levels after the company lowered its guidance for the back half of 2016 by 15%. Munster expects cash per share to exit 2016 at $2.45 or slightly higher. Marchex should return to cash generation in 2017 as new products and new sales headcount additions begin to be accretive, the analyst contends. He lowered his price target for the shares to $5 from $7 and keeps an Overweight rating on the name.
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