Edgewater Technology (EDGW:DROP) EDGW shares have risen above our prior price target of $8.10.

dgewater Technology (EDGW:DROP) EDGW shares have risen above our prior price target of $8.10.

21-APR-14 – Edgewater Technology (EDGW:DROP) EDGW shares have risen above our prior price target of $8.10. With no discernible justification for an increased price target at this time we are closing out our coverage.

NOTES

EDGW shares have performed very well in recent days, topping our price target.
Recent trading activity is not due to any material news that we are aware of, nor do we see any justification for an increase to our price target at this time.
With EDGW shares above our previous price target of $8.10, we are closing out our coverage as we do not maintain “neutral” or “hold” rated recommendations.
We include our most recent financial model in this report for reference purposes only.

RISKS

Company has completed its high-margin PI2 contract and does not have a replacement on the horizon.
Revenue trends are volatile and change rapidly.