Benchmark Lowers PT on GSI Commerce to $28 (GSIC)

Benchmark is out with its report today on GSI Commerce (NASDAQ: GSIC), lowering its PT from $29 to $28.

In a note to clients, Benchmark writes, "GSI Commerce reported 4Q10 results which matched expectations. Total revenue of $537 million, up 25% y/y, was slightly ahead of consensus at $532 million, but higher investment costs drove adjusted EBITDA of $92 million, $1 million below consensus. GAAP EPS was $0.23, but included two items totaling a $21 million negative impact, excluding which, EPS would have been in line with our estimate and consensus of $0.51. We are trimming our PT modestly from $29 to $28. Our rating remains Buy."

At the time of posting, shares of GSIC were trading at $20.68, down 7.01% from Wednesday's close.