Needham & Company Starts Control4 Corporation (CTRL) at Buy; Home Automation Pure-Play

August 27, 2013 7:28 AM EDT
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Price: $11.39 +1.06%

Rating Summary:
    2 Buy, 5 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Needham & Company initiates coverage on Control4 Corporation (NASDAQ: CTRL) with a Buy rating and $25 price target.

Analyst Scott Zeller comments, "Control4 is a market leader and the first public pure-play investment for "home automation" and the "connected home", offering software-based network appliances (“the Controller”) as well as add-on peripheral products for the home. As consumers use devices such as iPhones, iPads and Android products to customize their digital lives (digital media, social networking, shopping, other services), we believe homeowners will migrate toward a customized home environment. In the "automated home" a consumer may use Control4 to orchestrate several services, including: digital media, temperature, lighting, and security monitoring. We believe CTRL is well-positioned in the home automation market, enjoying advantages such as accessible pricing, momentum in the dealer network, ease of use, and a large partner ecosystem. We believe home automation is a secular growth market, not necessarily tied to the housing market; CTRL's steady growth during the housing recession of 2008-2010 demonstrates the secular nature of home automation. Industry analysts believe home automation spending may grow from $571mm in 2012 to $2.6B by 2017, at a 35% CAGR (ABI research)."

For an analyst ratings summary and ratings history on Control4 Corporation click here. For more ratings news on Control4 Corporation click here.

Shares of Control4 Corporation closed at $21.96 yesterday.

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