Canaccord Genuity Reiterates Buy on Calamp Corp. (CAMP) Following 2Q16

Canaccord Genuity reiterated a Buy rating and $26.00 price target on CalAmp Corp. (NASDAQ: CAMP) following the company's 2Q16 earnings results. CalAmp reported strong Q2/F’16 sales of $69.8M and pro-forma EPS of $0.27.

Analyst Michael Walkley commented, "CalAmp reported solid Q2/F’16 results and issued Q3/F’16 guidance that were slightly above our estimates. 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, recovering PTC 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. Further, we believe CalAmp has the financial flexibility for its M&A strategy focused on accretive acquisitions in targeted IoT verticals. We maintain our BUY rating and $26 price target."

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 $15.65 yesterday.

You May Also Be Interested In

• TechnipFMC (FTI) PT Raised to $30 at BTIG
• First BanCorp (FBP) PT Raised to $21 at Keefe, Bruyette & Woods
• JPMorgan Upgrades Unilever Indonesia Tbk (UNVR:IJ) (UNLRF) to Neutral