Oppenheimer Reiterates Perform Rating on Ski-Mobi

Oppenheimer is out with a research report this afternoon, where it reiterates its Perform rating on Ski-Mobi

; it does not have a target on the stock. The Oppenheimer analysts cited the company's recent earnings results, which came in above their estimates. Nevertheless, MOBI's app store revenues continued to be impacted by carriers' payment collection policies and slow feature phone sales. While MOBI continued to demonstrate solid cost controls in F2Q12, the analysts believe that material improvement in margins is not likely in coming quarters given its “tepid revenue growth and existing cost/expense structure.” As for valuation, the analysts remarked, “We raised our F3Q12 sales and non-GAAP EPADS estimates from $26.1M and $0.02 to $26.4M and $0.03, relative to consensus estimates of $26.7M and $0.05, respectively.”