Rodman & Renshaw Resumes DragonWave (DRWI) at Buy
- Apple (AAPL) Tops Q4 EPS by 2c; Issues Solid Outlook
- Wall St. slips on earnings; Apple results due
- Chipotle Mexican Grill (CMG) Posts Q3 EPS of $0.27; Comps Miss Views; Additional Stock Buyback Approved
- Pandora (P) Misses Q3 EPS by 1c, Q4 Revenue Guidance Falls Short
- Panera Bread (PNRA) Tops Q3 EPS by 3c; Raises Outlook
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
Rodman & Renshaw resumed coverage on DragonWave (NASDAQ: DRWI) with a Buy rating and a price target of $4. Analyst Kevin Dede thinks its platform is under-appreciated.
"Nokia's purchase of Alcatel was contingent on the continuation of Alcatel's microwave radio development thus forcibly removing DragonWave from a bright position in serving Nokia's tier 1, global customer base. But we don't see all as lost, and instead choose to present DragonWave to investors in its new form as a company prepared to compete on multiple continents and one which meets multiple enduse microwave applications," said Dede.
The analyst added, "We see a glass half full for a number of factors detailed herein with the most relevant being: (1) DragonWave's product line (expanded under the auspices of meeting Nokia customer requirements); (2) a vast base of equipment deployed worldwide needing further support and service (building consistency and visibility in future cash flows); and (3) DragonWave's lost, but newly found, independent industry position (now, ex-Nokia) that equates to an open, global hunting license. Since the Nokia-related business fell off per the Alcatel deal, DragonWave was forced to adjust its selling process from indirect via Nokia to the new (but old) direct paradigm, sales levels were cut approximately in half, and Mr. Market has reflected a disappointing outlook."
Shares of DragonWave closed at $3.03 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Baxter (BAX) PT, Estimates Raised at Evercore ISI
- UBS Cuts Price Target on V.F. Corp. (VFC) to $59; Reiterates Buy
- UPDATE: CommVault Systems (CVLT) PT to $62 at Mizuho Following Strong Q2
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, New Coverage
Related EntitiesRodman & Renshaw
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!