Analysts at FBN Securities initiated coverage on Ubiquiti Networks Inc (NASDAQ: UBNT) with an Outperform rating and $55 price target.
Shebly Seyrafi stated, “The company uses a unique, engineering-focused business model to sell products such as WLAN, routers, (recently) switches, and other products at very attractive price points that are meaningfully below the competition.”
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Seyrafi highlighted four reasons for the Outperform rating:
- Strong position in service provider base stations. Ubiquiti’s airMAX product continues to be a key growth provider for company.
- Attractive value proposition driving growth in enterprise WLAN. The company’s enterprise segment has grown by 10% since fiscal year 2013.
- Strong international growth. Analysts stated, “Unlike most of our other covered technology companies, UBNT derives a relatively small percentage of revenue from N. America (only 28% in FQ4 2014) and is well distributed across the other geographies.”
- New product cycles. The company is launching new product cycles in the enterprise segment including switches and VoIP/security gateways.
Shares of Ubiquiti Networks traded recently at $46.93, up 1.4 percent
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