Wunderlich Securities Raising Estimates & Target On PCTEL (PCTI)

Wunderlich Securities is raising its estimates & price target On PCTEL (NASDAQ: PCTI) after PCTEL reported its earnings yesterday. Wunderlich is rating shares a Buy with a $7.50 price target.In the report, Wunderlich writes, "PCTEL (PCTI) reported operating profit that exceeded our forecast by 76.4% on revenue that was above the high end of the guidance range by 7.9%. Both antenna and scanning receiver test equipment businesses have improved significantly. Volume reflects market share improvement from focus on addressing the specific needs of targeted vertical markets, as well as better mobile network demand. Continuing acquisition integration and streamlined operating structure is yielding better productivity. Our forecast revision is a function of larger revenue estimates without an increase to operatring expenses. Our new target of $7.50 is revised from $7.00 and reflects our upward forecast revision."Shares of PCTEL are currently trading at $6.13, up 10‎ cents or 1.66%‎ on the day.