UPDATE: Canaccord Genuity Raises PT on Towerstream; Visibility on Wi-Fi De-Risking

Canaccord Genuity maintained Towerstream (NASDAQ: TWER) with a Buy rating and raised the price target from $7.00 to $7.50.

Canaccord Genuity analyst Sanford Lee noted, "After surprising the market by announcing a $30 million equity issuance at the end of January, some investors had expressed concern that the company may accelerate its Wi-Fi/Small Cell strategy without evidence to justify its build. However, on yesterday's conference call, TWER emphasized that new builds will be dependent on first signing an anchor tenant. In our opinion, this significantly reduces the risk of TWER stranding future capital investments."

Towerstream closed at $2.71 on Monday.