UPDATE: Jefferies Raises PT on RigNet on Good 4Q Results
In a report published Wednesday, Jefferies analyst Thomas Seitz reiterated his Buy rating on RigNet (NASDAQ: RNET), and raised his price target from $22.00 to $25.00.
In the report, Seitz noted, “In our view, RNET reported better than expected 4Q results. The company ended the year with $62.5 million of cash and maintains a net cash position, which we believe could potentially be used to expand into adjacent markets via M&A. Additionally, we see scope for material ARPU expansion over the mid-to-long term.”
RigNet closed on Tuesday at $21.48.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.