VistaPrint (VPRT) shares are taking some heat after Craig-Hallum analyst Mitchell Bartlett cut his rating on the stock to Accumulate from Buy, with a new target of $68, down from $70. Bartlett’s report focuses specifically on currency issues.
In a research note, Bartlett cautioned that the company’s revenue and profit guidance might need to be reduced when the company reports March quarter results next month. “The constant currency growth assumption needed to meet Street revenue estimates is rising fast with Euro/Sterling weakness,” he writes. “Q3 estimates are less affected, but forward quarter reported growth may slow meaningfully.”
Bartlett trimmed his June quarter adjusted EPS forecast to 37 cents a share, from 44 cents; for the September quarter, he now sees 45 cents, down from 49 cents.
VPRT is down $1.98, or 3.3%, to $58.
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