UPDATE: Bank of America Initiates Coverage on Control4 Corporation with Buy Rating, $26 PT on Market Leader Position

In a report published Tuesday, Bank of America analyst Tal Liani initiated coverage on

with a Buy rating and $26.00 price target. In the report, Bank of America noted, “We initiate coverage of Control4 with a Buy rating and a $26 PO. C4 is a market leader in the home automation space, enabling consumers to connect and control lighting, music, video, temperature, communications, and security systems through a unified solution. The company has demonstrated impressive growth over the last few years, despite a challenging housing market, mainly due to disruptive pricing and disruptive distribution strategies. We model 18% revenue CAGR over the next three years, and see the potential for substantial earnings leverage, fueled by international expansion, potential housing recovery, and margin upside.” Control4 Corporation closed on Monday at $21.96.