Jefferies Raises Price Target on RigNet (RNET) to $17 Following 3Q

November 9, 2016 7:59 AM EST
Get Alerts RNET Hot Sheet
Price: $21.45 -0.46%

Rating Summary:
    5 Buy, 3 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Jefferies reiterated a Buy rating on RigNet, Inc. (NASDAQ: RNET), and raised the price target to $17.00 (from $14.00), following the company's 3Q earnings report.

Analyst Mike McCormack commented, "Following 3Q earnings, we update estimates to reflect continued rig stacking and ARPU pressures, as lower commodity prices drive reduced spend from oil and gas operators. In the face of the continued macro pressure, the company has proven adept at cost cutting; headcount reduction and cost savings led to an EBITDA beat. Meanwhile, strategic initiatives to diversify the revenue base and to expand the addressable market hold some promise, but remain uncertain."

For an analyst ratings summary and ratings history on RigNet, Inc. click here. For more ratings news on RigNet, Inc. click here.

Shares of RigNet, Inc. closed at $14.50 yesterday.

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