Ludlow Capital Upgrades ECDC to .02 to .03, Short-Term (ELRA BRNW)
By: staff reporter, John Bodger
Last Updated: May 04, 2012 - 11:45am EST
(NEW YORK)--Ludlow Capital, an equity research firm based out of New York City, issued research upgrades on East Coast Diversified Corp. (OTC:ECDC), Elray Resources, Inc. (OTC:ELRA), and Brainybrawn, Inc. (PINK:BRNW),
East Cost Diversified Corp (ECDC), through its operational subsidiary Earthsearch Communications, develops a number of GPS and social networking web and mobile applications. The Company's recent $2.5 million in equity institutional backing clears the way for the company to now execute on their business plan by rolling-out their social network web and mobile applications, and closing on larger GPS/RFID orders.
Recent valuations from Yahoo's $20 million acquisition of IntoNow, a competitive second screen TV-app such as Rogue Paper's TV-Tune In, which is now a subsidiary of Earthsearch, gives the company an immediate valuation boast. Add in the clearance of notes payable, conversion levels on recent financing no less then $0.013, and improving earnings outlook, ECDC is primed for possible breakthrough of its 200-day moving average.
Thus, Ludlow Capital upgraded its price target on ECDC to around $0.02 to $0.03 per share short-term, with a mid-term target in the $0.05 to $0.08 range, conservatively. (read full report here)
