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Sterne Agee Upgrades NETGEAR (NTGR) to Buy, Cites Favorable Risk-Reward on Pullback

February 15, 2013 7:15 AM EST Send to a Friend
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Price: $31.80 -0.47%

Rating Summary:
    4 Buy, 6 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 20 | Down: 27 | New: 8
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Sterne Agee upgraded NETGEAR (NASDAQ: NTGR) from Neutral to Buy with a price target of $41.00.

"We believe the recent pullback is overdone and find the risk-reward attractive. We see several 2H catalysts/drivers: (1) ramp of 802.11ac or Gigabit Wi-Fi; (2) 4G LTE gateway opportunity helped with its acquisition of SWIR's data card business; and (3) recovering storage business, though small, is accretive to margins," analyst Shaw Wu states. "Moreover, we believe CSCO selling Linksys helps."

The $41 price target is based on a 13.5x multiple on CY14 EPS.

For an analyst ratings summary and ratings history on NETGEAR click here. For more ratings news on NETGEAR click here.

Shares of NETGEAR closed at $32.55 yesterday.




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