Canaccord Maintains Buy, $24 Target on Anaren

Canaccord reiterates its Buy rating and $24 target price on Anaren (NASDAQ: ANEN) as the company is seen as well-positioned for LTE improvements in 2012.

Canaccord says, "Following AT&T's withdrawal of its $39B T-Mobile acquisition bid, we believe LTE network capital spending should improve during H1/C2012 following weak spending levels by AT&T during the last four months of 2011. However, our checks indicate leading Anaren customers have 4G inventory levels to work through, and we anticipate Anaren's wireless sales should re-accelerate during the June 2012 quarter. Long term, we believe Anaren is well positioned for strong Wireless division growth given increased LTE base-station content, and we believe the company has a solid Space & Defense pipeline."

ANEN closed at $17.02 per share on Tuesday.

(c) 2012 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Tags: Canaccord

Posted in: Reiteration, Intraday Update, Markets, Analyst Ratings

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