UBS Maintains a 'Buy' on Ubiquiti Networks (UBNT); AirMax Delivers

UBS maintains a 'Buy' on Ubiquiti Networks (NASDAQ: UBNT) price target boosted from $27 to $40.

Analyst, Amitabh Passi, said, "Airmax sales reaccelerated to +17% q/q growth (6% last qtr) to $62m (UBSe of $57m), while new products (Unifi/Airvision) grew 135% q/q to $9.9m (UBSe $5.2m). Including antennas/other, the major categories beat our sales est by ~$7m. Legacy product sales (including embedded products) declined q/q to $12.5m vs. UBSe of $16.9m. GM/OM expanded to 43.4%/35.9% vs. UBSe of 42%/35%."

"We adj FY13/FY14 ests to $427m/$1.29, $520m/$1.54 from $423m/$1.25, $505m/$1.44 prev. We have minimal revs for new products; every $50m Rev upside = ~$0.20 EPS upside."

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 $35.00 yesterday.

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