UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on Ubiquiti Networks After Good Quarter
In a report published Friday, Deutsche Bank reiterated its Hold rating on Ubiquiti Networks (NASDAQ: UBNT), and raised its price target from $12.00 to $15.00.
Deutsche Bank noted, “Ubiquiti Networks reported Q2 revenues of $74.9m, in-line with our estimate but above consensus of $71.6m. Pro-forma EPS of $0.20 came in above our estimate $0.19 and consensus of $0.18. Management expects Q3 revenues of $76m- $84m and Q3 pro-forma earnings per share of $0.19 to $0.23, versus our estimate of $74.6m and $0.19 and consensus of $74.8m and $0.19. Given the continuing uncertainties around the next CFO and the volatility in its reporting segments, we maintain our Hold. We raise our price target from $12 to $15.”
Ubiquiti Networks closed on Thursday at $14.87.
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