Imperial Capital Reiterates Outperform as MobileIron's (MOBL) 4Q Results Match Preliminary Announcement

Imperial Capital maintained an Outperform rating on MobileIron (NASDAQ: MOBL), and cut the price target to $5.50 (from $6.00), following the company's 4Q results. MOBL reported adjusted revenue of $42.9mn and adjusted net loss per share of $0.07, compared with the Street's revenue estimates of $41.8mn, and net loss per share estimates of $0.13.

Analyst Michael Kim commented, "We are maintaining our Outperform rating on MOBL shares and lowering our one-year price target to $5.50 from $6 based on comparable valuation. Our price target implies potential upside of 53% above recent levels. We anticipate continued revenue mix shift to subscriptions, with diminishing headwinds from declining perpetual license revenue. We highlight the company’s strong growth in recurring billings (up 30% year-over-year [yoy]) in 4Q15. MOBL previously announced preliminary 4Q15 results on 1/6/16, which were modestly above our estimates (see our previous report dated 1/7/16). During the conference call on 2/4/16, management reaffirmed previous guidance of reaching positive cash flow from operations in 4Q16, which we view as a key milestone."

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

Shares of MobileIron closed at $3.60 yesterday.

You May Also Be Interested In

• Citi Upgrades United Microelectronics Corp (2303:TT) (UMC) to Buy 'with limited downside'
• EQT Corp. (EQT) PT Lowered to $46 at Wolfe Research
• Mr. Cooper Group Inc. (COOP) PT Raised to $87 at Jefferies