UPDATE: Wunderlich Securities Upgrades PCTEL on Incremental Growth Signals
In a report published Monday, Wunderlich Securities analyst Matthew S. Robison upgraded the rating on PCTEL (NASDAQ: PCTI) from Hold to Buy, and raised the price target from $10.00 to $10.50.
In the report, Wunderlich Securities noted, “Having experienced 16% multiple compression from a recent intra-day high (last month) of $10.00 PCTEL (PCTI) shares have traded to what we view to be an attractive level for investment. In addition, we believe the outlook for H213 and 2014 is developing positively, especially for 4G/LTE test equipment (scanning receivers from the RF Solutions segment), professional/carrier-grade Wi-Fi (Connected Solutions segment) and Network Engineering Services (RF Solutions), which specializes in deployment of carrier-grade wireless connectivity. With the combination of share price opportunity and fundamental catalysts associated with industry and OEM channel developments we are upgrading our opinion to Buy from Hold and adjusting our price target to $10.50 from $10.00.”
PCTEL closed on Friday at $8.40.
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