Chardan Capital Markets Upgrades iPass Inc. (IPAS) to Buy

Chardan Capital Markets upgraded iPass Inc. (NASDAQ: IPAS) from Neutral to Buy with a price target of $2.00.

Analyst James McIlree commented, "We are raising our recommendation on iPass to Buy with a $2.00 price target. Our price target is based on the shares achieving an EV/Sales ratio of 1.5x our 2016 sales estimate of $76 million. This multiple is a discount to the peer group multiple of 1.7x. We have been waiting for positive signs the company’s new strategy would lead to revenue growth, preferring to be late on the turnaround, and we believe the new strategy is working. We think the company can grow to a substantially higher size as its network expands, resulting in lower unit costs and price, leading to higher user count and a much larger revenue base."

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

Shares of iPass Inc. closed at $1.51 yesterday.

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