UPDATE: Piper Jaffray Initiates Ruckus Wireless with Overweight on Attractive Entry Point

In a report published Tuesday, Piper Jaffray analyst Auguste Gus Richard initiated coverage on Ruckus Wireless RKUS with an Overweight rating and $17.00 price target. In the report, Piper Jaffray noted, “Shares have reached new lows due to a Q1 miss and recent lockup release. However, we see this as an attractive entry point ahead of a number of growth drivers. We believe service provider Wi-Fi is taking off as operators move to deploy carrier-grade Wi-Fi in dense settings to handle an ever growing tsunami of data. In addition, we believe new standards like Hotspot 2.0 will simplify the use of Wi-Fi by consumers. We expect the company to announce a number of service provider deals over the next several quarters and deployments next year will act as a catalyst for shares. Moreover, a lot of risk has been eliminated from estimates. While the space will be competitive, Ruckus, as a pure play, is well positioned with a strong product portfolio to benefit from the growth in Wi-Fi offloads.” Ruckus Wireless closed on Monday at $12.62.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: Analyst ColorInitiationAnalyst RatingsAuguste Gus RichardPiper Jaffray
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!