Add to RealNetworks (RNWK) Into Print - B. Riley
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B. Riley analyst Eric Wold reiterated a Buy rating and $7.50 price target on RealNetworks (NASDAQ: RNWK) and is telling clients to add to positions into results on Wednesday, 2/8.
Wold commented, "RealNetworks (RNWK) is scheduled to report Q4 results on Wednesday, 2/8, after the close with a call at 5:00pm ET. While we see an upward bias to our Q4 estimates, we believe the focus on the call will be the combination of management’s visibility into returning to positive EBITDA this year as well as any Rhapsody monetization/valuation event in the next 6-12 months. Although RNWK shares have rebounded by 30% over the past three months following the positive EBITDA delay, we would argue shares have been held back for some time by continued concerns around stemming the cash burn and seeing some value generated from the 42% stake in Rhapsody. With that in mind, we believe any improving visibility around the timing for either/both of these events could easily boost RNWK shares given the meaningful valuation upside that each scenario could provide. We recently highlighted RNWK as an attractive under-the-radar small cap stock (see our 1/3/17 industry note Under-the-Radar Small Cap Stocks that Could See Big Upside in 2017…) and are reiterating our Buy rating and $7.50 price target."
Shares of RealNetworks closed at $5.27 yesterday.
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