UPDATE: M Partners TeleNav Earnings Preview, Maintains Buy and $10.75 PT
M Partners maintained its TeleNav (NASDAQ: TNAV) Buy rating and $10.75 price target in an earnings preview report published today. M Partners pointed to TeleNav's Scout navigation system and upcoming Sprint (NYSE: S) contract renewal as areas of interest.
In the report, M Partners stated, "Based on our assessment of the situation, we believe that the cancellation of the Sprint contract is a remote possibility. With over 25M subscribers, on many different types of devices and operating systems, Sprint would have a difficult time unwinding the user base, and there is no easy cross-platform substitute for Telenav navigation systems."
TeleNav is scheduled to report Q1 2012 earnings after market close on Thursday, April 26. Shares of TeleNav were trading at $6.41 at time of posting, down 4.04% from Friday's market close.
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