Needham & Company Reiterates Buy on Extreme Networks (EXTR)
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Needham & Company reiterated a Buy rating and $4.30 price target on Extreme Networks (NASDAQ: EXTR). The Solution selling increased from 5% in FY15 to 12% in FY16, with 15-16% in FY2H16. Extreme expects to push this up toward 20% over the next 12-24 months.
Analyst Alex Henderson commented, "It sounds like Extreme's quarter is setting up well. Extreme noted that the impact of Brexit has been virtually nothing. That’s a good thing, as we were concerned about it impacting either European or UK sales. Extreme also noted that the tone out of Europe is good and they are encouraged by the adoption of management's initiatives in this key geography. Discount elimination taking hold: adding 1-2 points to growth and GMs. New Software and Aps are getting good traction. Extreme noted they are getting very good response on new products in Wireless. We come away encouraged by the visit."
Shares of Extreme Networks closed at $3.91 yesterday.
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