Merriman Capital Initiates Coverage of Sitoa Global With "Buy" RatingPrint SharePALO ALTO, CA, Sep 12, 2012 (eTeligis.com via COMTEX) Sitoa Global Inc. (OTCQB:STOA) (PINKSHEETS:STOA) (the "Company"), an e-commerce facilitator, announced today that Merriman Capital, Inc. has initiated research coverage of the Company with a 'Buy' rating.
Joel Achramowicz, Managing Director of Equity Research, initiated his research report with a buy rating and a $0.40 target price.
highlights: "Investment Conclusion Sitoa Global Inc. (or,"SGI") has structured an e-commerce cloud platform for supporting niche vendors on the Web. The company has struggled before, but is now enjoying ramping revenues that could lead to profitability in 2-3 quarters.
Therefore, we're initiating coverage of this equity for aggressive accounts with a BUY rating and a 40-cent target price. Our price target is obtained by applying a 2-times multiple of our projected sales for FY2013 of $8.4 million."
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