Oppenheimer is out with its report today on Neustar NSR, maintaining Perform.
In its report sent to clients, Oppenheimer states, "NSR's 4Q GAAP EPS of $0.30 was below our $0.42 estimate largely due to $14.5M of one-time charges. Revenue of $138M was slightly below our $139.6M and the Street's $139M. FY11 guidance calls for revenue of $585-600M (11-14%) and EBITDA margins of 42-43%, below 44% consensus level. While NPAC revenue lends predictability to the model, we continue to see challenges on the non-NPAC segment, especially in IP services. Nevertheless, NSR remains well supported by its monopolistic presence in Number Management and opportunities in IIS. An ongoing $300M share buyback program (NSR repurchased $15M worth in 4Q)
should also provide some support. Maintain our Perform rating."
Shares of NSR are closed yesterday at $26.95, down 1.50% from Tuesday's close.
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