UPDATE: Credit Suisse Initiates Coverage on Silver Spring Networks with Outperform Rating, $26 PT on Market Leader Position

In a report published Monday, Credit Suisse analyst Patrick Jobin initiated coverage on Silver Spring Networks SSNI with an Outperform rating and $26.00 price target. In the report, Jobin noted, “We initiate coverage of Silver Spring Networks (SSNI) with an Outperform rating and a $26 target price. Silver Spring is the market leader in the smart grid networking space with a 32% market share in the U.S. The company has deliberately focused on the highest-growth and most value-add parts of the market, including purpose-built networking, software, and services. Utilities are investing in smart grid technologies to drive operating efficiencies, improve reliability, manage peak-load, and respond to new challenges faced by the integration of intermittent renewable resources.” Silver Spring Networks closed on Friday at $19.21.