On Track Innovations (OTIV) PT Cut to $3.50 at Northland Capital Markets

Northland Capital Markets analyst Michael Latimore lowered his price target on On Track Innovations (NASDAQ: OTIV) to $3.50 (from $5.25) but maintained his Outperform rating following Q1 results largely on comparables multiple compression.

The firm is lowering FY14 EBITDA to ($6.4) mil from ($5.9) mil, and FY15 to ($3.8) mil from ($3.4) mil. 1Q revs in line at $5.2 mil, up 43%; payments revenue of $3.3 mil, up 90%.

Latimore notes, "OTIV gave guidance for the first time, including 30%+ rev growth for FY14 and positive EBITDA by 1Q15. Sees strong growth in NFC readers and WAVE sales this year."

For an analyst ratings summary and ratings history on On Track Innovations click here. For more ratings news on On Track Innovations click here.

Shares of On Track Innovations closed at $2.49 yesterday.

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