Market Overview

UPDATE: Canaccord Genuity Initiates Silver Spring Networks with Hold on Balanced Share Risk/Reward

Share:
Related
Itron Acquires Silver Spring To Boost Internet Of Things Platform
Benzinga's Top Upgrades, Downgrades For September 19, 2017

In a report published Tuesday, Canaccord Genuity analyst John Quealy initiated coverage on Silver Spring Networks (NYSE: SSNI) with a Hold rating and $18.00 price target.

In the report, Quealy noted, “While we are impressed with the company's ability to innovate and sell technology and service solutions to utilities, we find share risk/reward balanced at current levels for this new public registrant. The company's $745M backlog (reported annually) helps to support P&L visibility (and a path to non-GAAP profitability) into '14 as ComEd is expected to ramp, while chatter surrounding major smart grid projects (TEPCO) and management's ability to drive SaaS business are the two most likely drivers of stock performance in the near term, in our view. Silver Spring's market share is meaningful (~30%) for domestic smart metering networks, making the company's move to upsell related applications, analytics and services a logical and seemingly leverageable strategy (management expects gross margins to reach ~43% long term).”

Silver Spring Networks closed on Monday at $18.10.

Latest Ratings for SSNI

DateFirmActionFromTo
Sep 2017FBR CapitalDowngradesBuyNeutral
Sep 2017Canaccord GenuityMaintainsHold
Sep 2017Cowen & Co.DowngradesOutperformMarket Perform

View More Analyst Ratings for SSNI
View the Latest Analyst Ratings

Posted-In: Canaccord GenuityAnalyst Color Initiation Analyst Ratings

 

Related Articles (SSNI)

View Comments and Join the Discussion!