Piper Jaffray Reiterates Rating, PT On MDCA

Piper Jaffray, citing a rise in the company's digital value, has reiterated its Overweight rating and its $23 price target on MDC Partners MDCA. Says Piper Jaffray, in its report, “Post Publicis' acquisition yesterday (5/17) of one of the last large independent digital agencies, Rosetta, we are incrementally more constructive on the value of MDC's digital enterprise. Further, we anticipate this inherent value to become more tangible to investors at its Investor Day in New York this week (5/19); note, MDC has not held this event in over 4 years. We reiterate our OW rating and $23 PT (13x CY12E EV/FCF).” MDCA closed at $17.15 yesterday.