Planar Systems Shares Upgraded To Buy At B. Riley
In a report published Tuesday, B. Riley analysts upgraded the rating on Planar Systems, Inc. (NASDAQ: PLNR) from Neutral to Buy, while maintaining the price target at $6.
Planar Systems’ shares plunged after the company reported its FY2Q results in-line with Street expectations and guidance. Planar Systems announced its FY3Q and FY4Q guidance short of consensus.
The guidance shortfall was “largely due to a single customer in Custom that has suspended orders due to softness in the oil market and to a lesser extent milder expectations for Digital Signage in Q3,” the analysts said.
In the report B. Riley noted, “While the timing of orders for Digital Signage may vary some and is less predictable on a quarterly basis, we continue to believe in PLNR’s long-term opportunity in digital signage and, at its customer valuation and projected growth, believe shares have once again reached an attractive entry point.”
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