CalAmp (CAMP) Target Lifted at Canaccord Genuity Post Q3

December 24, 2013 8:46 AM EST
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Price: $15.01 --0%

Rating Summary:
    10 Buy, 4 Hold, 0 Sell

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Canaccord Genuity analyst Michael Walkley reiterated a Buy rating and raised his price target on CalAmp Corp. (NASDAQ: CAMP) from $30 to $33 following third quarter results after the close.

"We believe CalAmp has a strong pipeline entering C2014 for its higher-margin Wireless DataCom business that should enable the company to grow faster than our 16% M2M hardware market revenue CAGR forecast," Walkley said.

He added, "We believe CalAmp's Wireless DataCom business is well positioned to drive strong F2015 and F2016 sales and earnings growth trends through new usage-based auto insurance contracts, growing international sales, sales to Caterpillar starting to ramp in 2H/F2015, recovering PTC sales in F2015, and anticipated steady growth of higher-margin Wireless Matrix sales."

The analyst lowered his 2014 Annual EPS estimate to $0.78, made no change to his 2015 Annual EPS estimate of $1.04 and increased his 2016 Annual EPS estimate to $1.32. Mr. Walkley increased his 2014 Annual Revenue estimate to $237.7M, increased his 2015 Annual Revenue estimate to $280.7M and increased his 2016 Annual Revenue estimate to $328.0M.

For an analyst ratings summary and ratings history on CalAmp Corp. click here. For more ratings news on CalAmp Corp. click here.

Shares of CalAmp Corp. closed at $27.56 yesterday.

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