H.C. Wainwright Starts Phunware, Inc. (PHUN) at Buy
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H.C. Wainwright analyst Scott Buck initiates coverage on Phunware, Inc. (NASDAQ: PHUN) with a Buy rating and a price target of $2.00.
The analyst commented, "We are initiating coverage of Phunware, Inc. with a Buy rating and a 12-month price target of $2.00 per share. Headquartered in Austin, TX, the company provides a fully integrated cloud platform for mobile which allows companies and governments to engage, manage and monetize their mobile applications and audiences at scale. As the business transitions away from custom application development towards a highly scalable software licensing model, we expect revenue growth, margin expansion and ultimately a path towards profitability to become more apparent to investors. As the company executes on this strategy, we believe PHUN shares should begin to move towards our $2.00 price target."
Shares of Phunware, Inc. closed at $1.03 yesterday.
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