Millennial Media (MM) provides technology and services for mobile advertisement with a focus on applications and media consumption, and although its trajectory has has been less than perfect so far, the company is expected to overcome difficulties and see growth, says Eric H. Jostrom, Chairman, CIO & Member of the Investment Committee at Ipswich Investment Management Co., Inc.
“In the iPhone/iPad area, we are quite keen on Millennial Media, which was one of those IPOs that was greatly oversubscribed and the stock went up only to collapse a couple of times. But we think the advertising business that they are involved in makes a lot of sense, and they’ve got a sound strategy,” Jostrom said.
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Jostrom says companies like MM generally go through some difficulties along the way of growth, but the price at which he bought the stock makes him comfortable.
“These types of growth companies are going to have a bump in the road along the way. We expect that, but if we can get an entry point that we think makes that risk acceptable, we will do it. We did it in that case; that’s a stock that we’ve bought since the end of the year, and we’re comfortable with it,” Jostrom said.
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