Digimarc price target raised to $75 from $42 at Craig-Hallum
Craig-Hallum analyst Jeff Van Rhee raised his price target on Digimarc to $75 from $42, noting that he believes the 3-page "Holy Grail" report, detailing a consortium of industry leaders' push for a European centric, industrywide solution to recycling, was presented yesterday at the bi-annual New Plastics Economy workshop. He continues to believe the conclusion of the report will be "highly favorable" toward the use of Digimarc technology. Van Rhee believes momentum is picking up on both the retailer and Consumer Packed Goods makers' sides of the equation and his increased price target reflects some of the incremental conviction he has as a result of additional field work, he tells investors. He keeps a Buy rating on Digimarc shares, which are down 91c to $62.76 in afternoon trading.