Marchex (MCHX) Target Lifted at Piper Jaffray on Solid Q1

Piper Jaffray analyst Gene Munster boosted his price target on Overweight-rated Marchex (NASDAQ: MCHX) to $19.00 (from $18.00) following strong Q1 results, "which was the fifth consecutive quarter in which call results were ahead of guidance and represented another proof-point that Marchex is emerging as a way to play performance-based mobile advertising."

Munster added, "The call business grew at 46% y/y in the Mar-14 quarter (original guidance was 29% and raised to 40% mid quarter) vs. reported 21% in Dec-13. Call guidance for the Jun-14 quarter suggests the call business continues its better than expected growth at 29% y/y compared to Street's ~25% growth expectations. For full year 2014, we are raising estimates for call growth to 26% y/y from 20%, and 2015 call growth goes to 10% from 9%."

The analyst maintained FY 2014 EPS at $0.15 and FY 2015 EPS was bumped from $0.17 to $0.18.

For an analyst ratings summary and ratings history on Marchex click here. For more ratings news on Marchex click here.

Shares of Marchex closed at $9.72 yesterday.

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