In a report published Friday, J.P. Morgan analyst Saket Kalia downgraded the rating on Monotype Imaging Holdings TYPE from Overweight to Neutral, but raised the price target from $28.50 to $30.00.
In the report, J.P. Morgan noted, “We are downgrading TYPE to Neutral from Overweight, as we believe current valuation will limit outperformance over the next 12 months. Our view on the fundamentals has not changed, and we are increasing our price target on the back of 3Q results yesterday. But with the stock up 75% YTD versus the NASDAQ's 26%, its premium valuation, and catalyst of FY14 guidance behind us, we are stepping to the sidelines.”
Monotype Imaging Holdings closed on Thursday at $28.22.
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