SunTrust Raises PT on LoopNet (LOOP) to $19More News related to LOOPSunTrust raises its price target on LoopNet (Nasdaq: LOOP) to $19 and maintains a Buy rating.The firm said it remains bullish on LoopNet, given its strong earnings report yesterday after the close, which "defied the skeptics..." Although such "metrics do not directly translate into current-period revenue", SunTrust believes LoopNet can be quickly valued by "continued network volume and usage growth." SunTrust lowered its FY08 and FY09 GAAP EPS estimates on LoopNet from $0.57 and $0.67 to $0.50 and $0.54, respectively. The Street is expecting $0.50 in '08 and $0.57 in '09. The firm notes that the lowered estimates are the result of "higher-than-previously-expected non-cash expenses, including stock-based comp and intangibles amortization."LoopNet, Inc. operates an online marketplace for commercial real estate in the United States. [BCS]
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