Wedbush Securities Reiterates Outperform Rating, $7 PT on Image Sensing Systems

In a report published Wednesday, Wedbush Securities reiterated its Outperform rating and $7.00 price target on Image Sensing Systems ISNS. Wedbush noted, “We are mixed on the firing of Image Sensing System's CEO and board changes. Image Sensing announced that it is firing its President and CEO Kenneth Aubrey, effective immediately. In opposition to Aubrey's firing, Michael Doly has resigned as a board member of ISNS. Mr. Doly is the current CEO of Econolite Group Inc., an integral channel partner to Image Sensing. Kris Tufto will take over as interim CEO of the company. Prior to joining Image Sensing, Mr. Tufto was the CEO of MarketBridge, as well as the CEO of Jasc Software. We agree that the company has been underperforming peers and a shakeup may be the necessary antidote. Over the past year, Imaging Sensing has mostly missed expectations and been late to the market with new products such as its hybrid product. We believe this shake-up could prove effective in improving execution. We also believe this could put the company in play.” Image Sensing Systems closed on Tuesday at $4.99.