ORLANDO, Fla., July 12, 2007 (PRIME NEWSWIRE) -- RedChip Independent, a division of RedChip Companies, Inc., announced that it has issued a first quarter 2007 research update on an Empire Financial Holdings, Inc. (AMEX:EFH).
Joe Blankenship, MBA, CFA Level I Candidate, RedChip Research Analyst, wrote in the report:
"Empire Financial Holdings Company continues its expansion toward creating a national footprint. With the acquisition in November 2006 of Jesup & Lamont Securities, the Company has the potential to double its FY06 revenue from of $35 million to $70 million in FY07. Total revenue for the quarter was nearly $14.0 million, a 62 percent increase over the $8.6 million for Q106. This quarter reflects the first full quarter of the consolidation of the Jesup & Lamont acquisition.
We are maintaining our BUY recommendation and twelve-month price target of $4.50. On a quarterly basis, the Company has demonstrated the ability to meet operating income margins used in our 2008 annual estimates. Our price target is determined by applying an 18.5 multiple to the 2008 estimated EPS of $0.28. At its current price, EFH stock appears to be a compelling speculation for growth oriented investors."
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Disclosures
The analysts contributing to this EFH RedChip report do not hold any shares of EFH. Additionally, the analysts contributing to this report certify that the views expressed herein accurately reflect the analysts' personal views as to the subject securities and issuers. RedChip certifies that no part of the analysts' compensation was, is, or will be, directly or indirectly, related to the specific recommendation or views expressed by the analyst in the EFH RedChip report. Additional information on the securities mentioned in this report is available upon request. This EFH RedChip report is based on data obtained from sources we believe to be reliable, but is not guaranteed as to accuracy and does not purport to be complete. As such, the EFH RedChip report should not be construed as advice designed to meet the particular investment needs of any investor. Any opinions expressed herein are subject to change. EFH is not a client of RedChip Companies, Inc., or any of its affiliates.