Cowen Reiterates Outperform on SuperCom (SPCB) Following Preliminary 3Q Revenue
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Rating Summary:
5 Buy, 0 Hold, 0 Sell
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Today's Overall Ratings:
Up: 20 | Down: 14 | New: 22
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Cowen reiterated an Outperform rating on SuperCom (NASDAQ: SPCB), and cut the price target to $16.00 (from $19.00), following the company's preliminary 3Q revenue and updated 2015 guidance. Preliminary revenue is $5.6MM to $6.1MM (vs. St. $13.4MM), and full year revenue guidance is now $30MM+ (vs. St. $41.3MM). Following the first contract that was announced in Q2, two new customers were added in Q3 for M2M electronic monitoring. Initial revenue from these contracts is expected to be small, but there should be potential to grow both relationships, and to use them as customer references.
Analyst Robert Stone commented, "Preliminary Q3 revenue and updated 2015 guidance are well below St. as a delayed contract signing pushes about $10MM into 2016. However, progress on other fronts includes $8MM in new orders, two new customers for electronic monitoring, an MOU for mobile payments, and a cyber security acquisition. We lower 2015 estimates and trim PT to $16 (vs. $19) as we expect delays to compress the P/E."
For an analyst ratings summary and ratings history on SuperCom click here. For more ratings news on SuperCom click here.
Shares of SuperCom closed at $7.70 yesterday.
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