Canaccord Genuity Reiterates Buy Rating, $13 PT on CalAmp Corp.

In a report published Friday, Canaccord Genuity reiterated its Buy rating and $13.00 price target on CalAmp Corp.

. Canaccord Genuity noted, “Consistent with our positive investment thesis, CalAmp's Wireless DataCom division delivered strong results, contributing to Q3/F2013 pro forma EPS of $0.17, above our $0.16 estimate. We believe CalAmp's deep vertical expertise and M2M hardware offerings integrated with its cloud-based COLT MRM software platform should allow CalAmp's Wireless DataCom business to post strong long-term growth faster than our 16% M2M hardware revenue CAGR forecast. We also believe CalAmp's legacy Satellite division sales have stabilized, and recent product refreshes in this business should drive improved margins. We maintain our BUY rating and $13 target.” CalAmp Corp. closed on Thursday at $8.58.