UPDATE: Deutsche Bank Downgrades Ubiquiti Networks to Hold Post Disappointing Guide

Deutsche Bank lowered its rating on Ubiquiti Networks

from Buy to Hold, and reduced its price target from $30 to $12. Deutsche Bank commented, "Ubiquiti Networks reported Q4 revenues of $94.9mln, ahead of our estimate of $94.8mln and consensus of $94.5mln. Pro-forma EPS of $0.30 came in ahead of our estimate and consensus of $0.28. However, the guide was disappointing, missing both revenues and pro forma EPS by a wide margin. Overall, we were disappointed by the guide and feel there is long-term risk surrounding the counterfeiting issues with the AirMax platform." Ubiquiti Networks closed at $15.01 on Thursday.