Canaccord Genuity initiated coverage on Digi International DGII with a Hold rating and a $9.34 price target.
Canaccord Genuity commented, "With Digi's leading M2M hardware
offerings and integrated iDigi device cloud application enablement
platform (AEP), we believe Digi is well positioned to benefit from strong
M2M industry growth trends longer term. However, due to our
expectations for declining sales in Digi's legacy wired solutions business,
we believe it could take until F2014 for Digi's investments in slower
growing M2M verticals such as energy and medical and its Etherios
acquisition to result in re-accelerating sales and earnings growth. While
we believe Digi is potentially a compelling investment for longer-term
investors, we initiate coverage with a HOLD rating and $10 price target.
Digi International closed at $9.34 on Monday.
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