Canaccord Genuity Reiterates Buy Following Calamp Corp. (CAMP) Investor Meetings

Canaccord Genuity reiterates a Buy rating and $26 price target on CalAmp Corp. (NASDAQ: CAMP) following investor meetings. Analyst Michael Walkley believes that CAMP is well positioned for solid long-term growth.

Walkley commented on CAMP, saying, "We hosted upbeat investor meetings with CalAmp CEO Michael Burdiek on April 29th, in the mid-Atlantic region. Following our meetings, we maintain our belief CalAmp is well positioned for solid long-term growth in the Industrial IoT market through both organic initiatives that include entering new markets and through potential acquisitions. In fact, we believe CalAmp’s recent $150M low-interest rate convertible offering provides the company with increased financial flexibility for its M&A strategy focused on accretive acquisitions in targeted IoT verticals. We remain impressed with management’s longer-term strategy to build upon its strong hardware portfolio and offer an increasing mix of higher-margin recurring revenue solutions. Finally, as evidenced by the strong Q4/F2015 results, we believe CalAmp’s Wireless DataCom business is well positioned to drive strong F2016 and F2017 sales and earnings growth driven by ramping sales to Caterpillar, growing insurance telematics sales, ramping international sales, a growing product portfolio, an increasing list of new customer opportunities, and anticipated steady growth of higher-margin recurring revenue sales. We maintain our BUY rating and $26 PT."

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 $20.07 yesterday.

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