ORLANDO, Fla., Dec. 8, 2008 (GLOBE NEWSWIRE) -- RedChip Visibility, a division of RedChip Companies, Inc. announced today that it has issued a third quarter 2008 research update for ZAGG, Inc. (OTCBB:ZAGG), a company that designs, manufactures and distributes protective clear coverings and accessories for consumer electronic and hand-held devices under the brand name invisibleSHIELD(tm).
Ekta Bhatia, MBS, RedChip Research Analyst, reported:
"We are upgrading our rating from "Speculative Buy" to "Buy" on ZAGG stock and are revising our 12-month target price to $3.00. ZAGG reported strong revenue growth over the last eight quarters, and its revenue growth over the last three quarters has been more than 200% on a year-over-year basis. The company's recent earnings are even more impressive when viewed against the weakening economic environment and declining consumer spending in the domestic markets."
"We are excited to see the Company's expanding product offering and its high customer adoption. Market opportunities still remain largely unexploited, which, coupled with ZAGG's competitive advantage of superior quality at economical prices over its peers, give us long-term revenue and business growth visibility and confidence in the stock," she continued.
"In light of ZAGG's continued revenue growth and proposed expansion plans into new geographic territories along with its comfortable cash position, we are increasing our 2008 and 2009 estimates. We continue to believe in ZAGG's growth story as an accelerated growth opportunity with exciting future prospects offering a good opportunity for investors to accumulate at current levels," Bhatia concluded.
To receive a complimentary copy of the RedChip research report for ZAGG, please visit: http://www.redchip.com/visibility/about.asp?page=vreport&reportid=155&from=12082008pr.
About RedChip Companies, Inc.
RedChip Companies is an international, small-cap research and financial public relations firm with offices in Orlando, Florida; Shanghai; and Paris, with affiliates in Atlanta and New York. RedChip delivers concrete, measurable results for its clients through its extensive national and international network of small-cap institutional and retail investors. RedChip has developed the most comprehensive platform of products and services for small-cap companies, including: RedChip Research(tm), Traditional Investor Relations, Digital Investor Relations, Institutional and Retail Conferences, RedChip Internet TV(tm), and RedChip Radio(tm). To learn more about RedChip's products and services please visit: http://www.redchip.com/visibility/productsandservices.asp.
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Disclosure
None of the profiles issued by RedChip Companies, Inc., constitutes a recommendation for any investor to purchase or sell any particular security or that any security is suitable for any investor. ZAGG, Inc. paid RedChip Visibility, a division of RedChip Companies, Inc., $30,000 for RedChip Visibility Program services, which included the preparation of this equity research report. RedChip Companies, Inc., is currently engaged by this company to provide investor awareness services. Investor awareness services and programs are designed to help small-cap companies communicate their investment characteristics. ZAGG, Inc. agreed to pay RedChip Companies, Inc., a fee of $7,500 in cash and 50,000 shares of common stock under Rule 144 for six months of these services. RedChip Companies, Inc., employees and affiliates may have positions and affect transactions in the securities or options of the issuers mentioned herein. To the fullest extent permissible under applicable law, RedChip Companies, Inc. will not be liable to you or anyone else for the quality, accuracy, completeness, reliability, or timeliness of this information.