Lake Street initiated coverage on Universal Electronics Inc UEIC with Buy Rating and $87 price target.
The analysts believe the company is well-positioned to see sustained top- and bottom-line growth as it benefits from cable and satellite providers' rollouts of next-gen platforms and the ramp of home security products. Management believe the company has a 600 million subscriber opportunity in the subscription broadcasting market and forecasts to be supplying over 110 million of these subs over the next few years.
"Ultimately, we believe UEI can achieve its informal, long-term guidance targeting an average annual sales growth rate of 5-10 percent and earnings growth of 10-20 percent over the next five years given the current pipeline and market trends," wrote Lake Street
The $87 price target is based on the analysts' 23x 2017 pro forma EPS of $3.78.
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