UPDATE: Pacific Crest Securities Initiates Coverage on Mavenir Systems with Outperform Rating, $18 PT as VoLTE is Coming

In a report published Tuesday, Pacific Crest Securities analyst Ryan Hutchinson initiated coverage on Mavenir Systems MVNR with an Outperform rating and $18.00 price target. In the report, Pacific Crest Securities noted, “Mavenir is a direct play on the upgrade from 2G/3G networks to 4G LTE. The company sells exclusively to carriers and focuses on the enablement of next-gen network solutions such as Voice-over-LTE (VoLTE). Mavenir has grown revenue by over 30% per year since 2011, and is in the early stages of realizing the long-term value of its carrier relationships. We expect an inflection as software licensing fees become a meaningful portion of total revenue.” Mavenir Systems closed on Monday at $11.97.