Ubiquiti Networks up 11.5% on Wunderlich Upgrade

Ubiquiti Networks (NASDAQ: UBNT) is trading higher on the session on an analyst upgrade this morning. Wunderlich Securities upgraded the company from Hold to Buy and maintains its $18 price target. Wunderlich Securities stated: "We are upgrading shares of Ubiquiti Networks (UBNT) to Buy from Hold, but not elevating our forecast. Our estimates are already above the level they were when the stock was last below $18 (it was $17.44 when we initiated and at that time our 2012 EPS estimate was $1.00). Valuation is compelling, in our opinion, with a P/E more than 30% below peers. No increase to forecast because we continue to believe there is limited bottom line upside in the near term because the company may need to spend more to execute the three new product platforms planned between now and January (four including airFiber)." Ubiquiti Networks is currently trading at $19.00, a gain of $1.96 or 11.50%.