UPDATE: Canaccord Genuity Initiates CalAmp at Buy on Strong Sales, Improved Margins

Canaccord Genuity initiated coverage on CalAmp

with a Buy rating and a $13 price target. Canaccord Genuity commented, "We forecast strong M2M market growth over the next decade across a wide range of M2M vertical markets. We believe CalAmp's deep vertical expertise and M2M hardware offerings integrated with its cloud-based MRM software platform should allow CalAmp's Wireless DataCom business to grow faster than our 16% M2M hardware revenue CAGR forecast. Also, we believe CalAmp's Satellite division sales to EchoStar (Dish Network) have stabilized, and recent product refreshes in this business should drive improved margins." CalAmp closed at $8.36 on Friday.