Auriga Reiterates a 'Buy' on Ubiquiti Networks (UBNT); Raising PT on Strong March Sales of UniFi

Auriga reiterates a 'Buy' on Ubiquiti Networks (NASDAQ: UBNT) price target raised from $31 to $35.

Analyst, Kevin Dade, said, "We are raising our price target on Ubiquiti shares in advance of the company's earnings report next Tuesday after the close. Our confidence stems from our personal experience at the Ubiquiti World Conference late March in Chicago compounded by the rate of growth of some of the company's new platforms, especially UniFi, Ubiquiti's wireless LAN product set. Our new $35 price target is based on 25x our 2013 calendar year EPS estimate of $1.40, where our estimates remain unchanged, but our target valuation multiple, modestly raised, is now more reflective of forecast growth but remains at a severe discount to historical growth. Our take is that next week's earnings report could demonstrate the viral-like sales escalation quality Ubiquiti's unique sales and distribution model offers, and should help to make transparent the inherent conservatism in our estimates."

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

Shares of Ubiquiti Networks closed at $31.93 yesterday.

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