FBR Capital Starts Silver Spring Networks (SSNI) at Outperform
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FBR Capital initiates coverage on Silver Spring Networks (NYSE: SSNI) with a Outperform rating and a price target of $17.00.
Analyst Carter Driscoll commented, "Silver Spring Networks provides energy networking solutions (hardware, software, and associated service offerings) to help utilities and cities/municipalities modernize their critical infrastructure, improve energy management and grid reliability, and increase operational efficiencies. We believe the company is transforming from an AMI (advanced metering infrastructure) play on the electric grid to a broader Internet of Things (IoT) supplier focused more on “smart” grids and industrial IoT. We believe Silver Spring Networks has the best networking platform and strategy to penetrate the smart grid, smart cities, and beyond. Our investment thesis centers on (1) increasing longterm visibility and financial support, driven by recent large awards and a record $1 billion-plus backlog; (2) cumulative endpoints that are growing and diversifying; (3) margin expansion potential from new solutions; (4) international expansion; and (5) our belief that Silver Spring Networks is an attractive M&A candidate after numerous smart grid acquisitions, although we are not predicting SSNI is an active target."
Shares of Silver Spring Networks closed at $12.78 yesterday.
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