UPDATE: Brean Murray Carret Reiterates a Buy Rating on Electronic for Imaging

Brean Murray Carret reiterated a Buy rating on Electronic for Imaging (NASDAQ: EFII) and a price target of $20.

Brean Murray Carret wrote, “We believe EFI looks attractive at these levels after selling its corporate HQ for $180M (~$144M after tax, $3.00 in net cash per share, or ~20% of market cap). After the sale is finalized in October, we believe EFI will have ~$7 in net cash per share, or ~47% of the current market cap. The transaction is expected to close in October (sale to Gilead (GILD $53.76; Buy)), and EFI will stay in their current location for 12 months while they look for a facility to lease.”

Electronic for Imaging closed at $15.33 on Thursday.