UPDATE: Wunderlich Securities Downgrades Ubiquiti Networks
According to a research report published this morning, Wunderlich Securities has downgraded Ubiquiti Networks (NASDAQ: UBNT) from Buy to Hold.
In the report, Wunderlich Securities commented, "Ubiquiti Networks (UBNT) reported solid revenue and gross margin improvement, but aggressive product line and intellectual property rights initiatives are stunting prospects from continued operating margin expansion. Shares closed before the print at our target price. Shares declined by a midsingle-digit percentage after hours. In our view this is still close to being fully valued, since we believe it could be more than one quarter before there is visibility of enough incremental earnings acceleration to justify a meaningful increase in target price."
Wunderlich Securities maintains its $35 PT on Ubiquiti, which closed yesterday at $35.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.