UPDATE: Goldman Sachs Raises PT on comScore Following 2Q13 Revenues Report

In a report published Friday, Goldman Sachs analyst Heath P. Terry reiterated a Neutral rating on comScore (NASDAQ: SCOR), and raised the price target from $17.00 to $27.00.

In the report, Goldman Sachs noted, “comScore reported 2Q13 revenues of $69.9 mn (+21.5% yoy on a pro-forma basis vs. +12.1% yoy in 1Q), above our $67.2 mn estimate on strong momentum in vCE, DAx and multi-platform products. Adjusted EBITDA was $14 mn (20% margin, up 130 bp from 1Q) vs. our forecast of $11.1 mn. While investments in new products, rationalization of underperforming businesses, and international expansion are translating into meaningful revenue growth, we believe the company remains cautious guiding to second half deceleration. With far more competition in newer segments like campaign management and tougher comps in the second half we remain Neutral.”

comScore closed on Thursday at $28.17.