Piper Jaffray Concludes Digi International Stands to Gain
Piper Jaffray released a research report today that maintains Digi International Inc.'s (NASDAQ: DGII) Overweight rating due to an industry analyst review.
According to the report, “Piper Analyst Gus Richard's industry review "Never Fear The Internet of Things is Almost Here" published this morning, argues that a new generation of data communications is upon us with increasing numbers of devices being connected to the network beyond just computers and smart phones. This opportunity is in DGII's wheelhouse where it has established leading products and technology that serve the "internet of things." DGII provides devices for Machine to Machine (M2M) connectivity that are used in the medical, smart grid, fleet management and tank monitoring end markets among others. We believe this drives double digit growth for FY13 and along with strong gross margins (50%+), point to an estimated 71% earnings growth in FY1.”
Piper Jaffray maintains its $16.00 PT for Digi International Inc., which closed Friday at $11.50.
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