Jefferies & Company Raises IntraLinks PT To $24

IntraLinks Holdings, Inc. (NYSE: IL) reported 3Q10 revs/ adj. EBITDA/ EPS of $47.9M/ $16.4M/ $0.07 vs. “consensus at $46.3M/ $0.07 and us at $46.8M/ $15.4M/ $0.07. 4Q10 guide of $48-50M/ $0.07-$0.11 vs. Street at $47.5M/ $0.11 and us at $47.7M/ $0.10. CY11E revs ahead of Street, EPS below,” Jefferies & Company reports.

“We increase our PT to $24 based on the stock trading on 15X our
CY12 EV/EBITDA est at the end of CY11,” Jefferies & Company
writes. “The mult is a premium to our overall coverage group mean of 14X but remains a discount to other high growth SaaS names. Our valuation equates to 4.6X CY12 sales and 23X our EV/ unlevered FCF (before cash taxes).”

Jefferies & Company said that it continues to view “the discount at which IL trades to our comp group as appealing given the growth of the bus.”

IntraLinks currently trades at $20.60.