UPDATE - Auriga Initiates Coverage on Ubiquiti Networks (UBNT) with a Buy; Looking Forward to New Product Annoucement

UPDATE - Auriga initiates coverage on Ubiquiti Networks (NASDAQ: UBNT) with a Buy. PT $31.00.

Auriga analyst said, "New product platforms in conjunction with surprisingly strong growth of existing products support our conviction in seeing continued future growth despite the severity of competition. Our $31 price target is based on 22x our $1.40 CY13 EPS estimate where we see the multiple reflecting a discount to managements' proposed long-term revenue growth target in the 25-28% range, and our own 24% sales growth modeled for FY13."

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