Cowen Cuts Price Target on Control4 (CTRL) Following 3Q Growth Issues

Cowen maintained a Market Perform rating on Control4 Corporation (NASDAQ: CTRL), and cut the price target to $9.00 (from $11.00), following the company's 3Q earnings results. Revenue was reported up to $43.6MM, missing consensus estimates of $45.4MM. EPS came in at 14c vs. the Street's 12c. Growth was hampered by Canadian macro and FX issues, and a lapped hospitality deal.

Analyst Robert Stone commented, "Q3 EPS were 19% better than St. despite 4% lower sales, on better op. margin, and a tax benefit. Growth was hampered by Canadian macro and FX issues, and a lapped hospitality deal. Guidance suggests single digit growth in Q4. Actions underway should yield leverage in 2016, but share revaluation likely hinges on better growth. We trim revenue and EPS estimates and cut our PT to $9 from $11."

For an analyst ratings summary and ratings history on Control4 Corporation click here. For more ratings news on Control4 Corporation click here.

Shares of Control4 Corporation closed at $8.94 yesterday.

You May Also Be Interested In

• Nokia OYJ (NOKIA:FH) (NOK) PT Raised to EUR18 at JPMorgan
• National Health Investors (NHI) PT Lowered to $81 at Truist Securities
• Adobe (ADBE) PT Lowered to $245 at TD Cowen