Piper Jaffray Comments On Impressive Stare To FY11

According to Piper Jaffray, MDC Partners MDCA saw an impressive start to FY11. Piper Jaffray said that remain buyers of MDCA following strong outperformance in Q111. “We believe MDC and its partners are well positioned to continue to gain mindshare in the ever-changing and rapidly-growing digital marketplace. Further, we expect MDC's leadership in nascent markets such as mobile and social media to yield organic revenue and EBITDA growth well above peers. We reiterate our Overweight rating and $23 price target, reflecting 16x CY12E EV/FCF.” MDC Partners closed yesterday at $16.26.