09/30 1851  |  Dow  10,568.70    15.9  |  Nasdaq  2,151.69    10.5  |  Russell 2000  667.80    2.8  |  S&P 500  1,228.81    1.1  |  AMEX  1,736.89    5.5
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Pipeline Data Inc.
Market Information
Symbol: PPDA Exchange: OTCBB
Industry: Computers, Technology & Internet
Analyst
David Riedel
J.M. Dutton Rating
Strong Buy
Rating Information
Recent Price: $1.00 (9/29/2005)
Price Target: $2.00
Established: 1/25/2005
Price at Rating: $0.85
Time Frame: 12 Months
Other Information
 
Dutton Associates Research Our research is in PDF format
8/26/2005 Research Note Pipeline Data Acquires AIRCHARGE to Boost Wireless Payment Processing Capability - Reiterate Buy Strong Buy
8/18/2005 Research Note Pipeline Data - Better than Expected Results in 1H05 - Reiterate Strong Buy rating and $2.00 Price Target Strong Buy
7/21/2005 Research Note Pipeline Signs Definitive Merger Agreement to Acquire Charge.com - Already Reflected in Our $2 Target Price - Reiterate Strong Buy Strong Buy
6/20/2005 Research Note Pipeline Data - Focus on Data Security a Positive for Pipeline Data and their New Data Processing Operation - Strong Buy Rating Strong Buy
6/14/2005 Update Report Pipeline Data Strong Buy Rating In Update Coverage; 2006 Revenues Forecast at $22.9 Million With EPS of $.06 Strong Buy
5/18/2005 Research Note Pipeline Data Announces Acquisition of 1,800 Merchant Account Portfolio - Reiterate Strong Buy Rating Strong Buy
5/17/2005 Research Note Pipeline Data: Gross Margin Trends Set Stage for Strong 2005 - BUY Strong Buy
5/16/2005 Research Note Pipeline Data Undervaluation Highlighted by Management Buyout Proposal at a Comparable Company (IPayment) - Reiterate Strong Buy Rating Strong Buy
4/12/2005 Research Note Pipeline Data - Strong 2004 Results In-line with our Expectations; Bright Outlook for 2005 - STRONG BUY Strong Buy
3/16/2005 Research Note Pipeline Acquisition of Charge.com Dramatically Increases Size and Growth Rate - Reiterate Strong Buy and $2.00 Price Target Strong Buy
2/24/2005 Research Note Pipeline Data Buys Merchant Portfolios Totaling 1,500 Accounts: Reiterate Strong Buy Rating and $2.00 Price Target Strong Buy
1/25/2005 Initial Report Pipeline Data Strong Buy Rating In Initiating Coverage; Credit Card Transaction Processing Strong Buy

Current Dutton Associates disclaimer and 17b disclosure information regarding Pipeline Data Inc.

Information, opinions or recommendations contained in Dutton Associates' research reports or research notes are submitted solely for advisory and information purposes. The information used and statements of fact made have been obtained from sources considered reliable but we neither guarantee nor represent the completeness or accuracy. Such information and the opinions expressed are subject to change without notice. A Dutton Associates research report or note is not intended as an offering or a solicitation of an offer to buy or sell the securities mentioned or discussed. Neither the Firm, its principals, nor the assigned analysts own or trade shares of any company covered. The Firm does not accept any equity compensation. Anyone may enroll a company for research coverage, which currently costs US $35,000 prepaid for 4 Research Reports, typically published quarterly, and requisite Research Notes. Dutton Associates received $20,000.00 from the Company for 4 Research Reports with coverage commencing on 01/25/2005. Reports are performed on behalf of the public, and are not a service to any company. The analysts are responsible only to the public, and are paid in advance to eliminate pecuniary interests and insure independence. Please read full disclosure and other reports and notes on the Company at www.JMDutton.com.

The views expressed in this research report or note accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by Dutton Associates is in any way related to the specific recommendations or views contained in this research report or note.

© Copyright 2005, Dutton Associates