Rosenblatt Raises Price Target on Netgear, Inc. (NTGR) Ahead of 3Q Report
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Rosenblatt reiterated a Neutral rating on Netgear, Inc. (NASDAQ: NTGR), and raised the price target to $61.00 (from $55.00), ahead of the company's 3Q earnings report. The company alluded to new products being released in the back half of the year. One of them being Netgear’s Wi-Fi offering, Orbi. Orbi has received great initial response from the retail channel and Rosenblatt believes that this will be a hit product and drive growth going forward.
Analyst Kirk Adams commented, "Netgear reports 3Q16 earnings next month. We are raising our estimates for the current quarter, the full year and next year based on better than expected checks in the retail and commercial businesses. North America continues to lead the charge in both retail and the commercial business. In the retail unit, the yoy comps are much higher beginning this quarter and we anticipate 8-9% yoy growth in both Q3 and Q4. In the commercial business, we should see yoy growth of 18-21% in both Q3 and Q4. We are now projecting slightly better gross and operating margins for the remainder of this year and next."
Shares of NETGEAR closed at $59.35 yesterday.
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