UPDATE: Raymond James Upgrades Ubiquiti Networks to Strong Buy

In a report issued Tuesday, Raymond James upgraded the investment recommendation on Ubiquiti Networks, Inc.

from a prior rating of Outperform to Strong Buy. The firm's Tavis McCourt maintained a target price of $50. McCourt anticipates Ubiquiti should be able to pave the way into emerging markets with low cost broadband internet access and also said he expects fixed wireless communication devices such as that from Ubiquiti to become the “dominant access technology for much of the world.” McCourt also expects for 20-plus percent net revenue and income growth over the next several quarters. Amid the upgrade, shares of Ubiquiti are trading up nearly 4 percent to around $32.80 in Tuesday's pre-market session.