Piper Jaffray Overweight On MDC Partners

Piper Jaffray is out with a research report on MDC Partners Inc. MDCA and it has an Overweight rating and a Overweight rating, and is raising its price target to $26 from $23. In a note to clients, Piper Jaffray writes, "MDC continues to put up stellar results on all accounts including net new business wins, organic revenue growth, and consistent EBITDA leverage en route to achieve the upper-end (17%) of MDC's LT target. While this target could comfortably be achieved in the intermediate-term, in our view, MDC's reinvestment policy prudently positions the company and the stock on a LT outperformance track. We reiterate our OW rating and are raising our PT from $23 to $26, reflecting 13x FY11E EV/FCF." Shares of MDCA gained $1.71 to close at $19.97 on Friday, a gain of 9.36%.