UPDATE: Piper Jaffray Initiates Coverage on Universal Electronics on Solid Core Business
In a report published Monday, Piper Jaffray analyst Michael J. Olson initiated coverage on Universal Electronics (NASDAQ: UEIC) with an Overweight rating and $43.00 price target.
In the report, Piper Jaffray noted, “We are initiating coverage of Universal Electronics (UEIC) with an OW rating and $43 price target. The company (UEI) has developed a strong, protected and growing core business in traditional entertainment control, with the potential for an expanding footprint into peripheral devices and related technologies. The underlying business is supported by a strong IP portfolio, which provides a significant competitive moat. While U.S. TV service provider sub growth has slowed, UEI now generates >60% of revenue from international sources, where growth of subscribers continues to be strong. In addition to international growth, efforts are underway to integrate UEI technology into smart devices, which is arguably a total market opportunity rivaling the size of those traditionally served by the company. UEIC shares are up materially YTD, but shares still trade at a discount to comp group averages, a discount that we believe is unwarranted.”
Universal Electronics closed on Friday at $37.11.
Latest Ratings for UEIC
|Jun 2014||B Riley||Downgrades||Buy||Neutral|
|Dec 2013||Piper Jaffray||Initiates Coverage on||Overweight|
|Aug 2013||Pacific Crest||Downgrades||Outperform||Sector Perform|
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