Forrester Research (FORR) Is a Good Buy

General economic recovery bodes well for research firm Forrester Research (NASDAQ: FORR).

It is likely to improve its subscription renewal cycle. Forrester research has approximately 40% of its research subscriptions up for renewal in Q4. Forrester is also expected to make several acquisitions in Y2010 using its $280 million worth of cash and investments. Based on the improving booking scenario, Sidoti & company, has maintained its ‘Buy’ recommendation on the stock. It has given a 12-months price target of $33. This price is 17X multiple of estimated 2010 operating EPS of $1.09.