Needham & Company Upgrades Quantenna Communications (QTNA) to Strong Buy

Needham & Company upgraded Quantenna Communications (NASDAQ: QTNA) from Buy to Strong Buy with a price target of $25.00, saying the pullback creates a buying opportunity.

Analyst N. Quinn Bolton commented, "QTNA shares declined 15.9% last week, vs. 4.9% for the broader Philadelphia Semiconductor Index (SOX). We do not believe the company's fundamentals have changed since the company's IPO on October 27 or our initiation of coverage on November 22. We believe the company has carved out a defensible position in the high performance Wi-Fi chipset market and has effectively used its firstto-market position to secure long-lived design wins with some of the world's largest service providers. As these design wins ramp, we forecast the company will experience robust revenue growth and operating leverage over the next two years. Reflecting our strong conviction in the story and with nearly 50% upside to our $25 PT, we upgrade QTNA to Strong Buy from Buy and are making the company our top pick for 2017."

For an analyst ratings summary and ratings history on Quantenna Communications click here. For more ratings news on Quantenna Communications click here.

Shares of Quantenna Communications closed at $16.83 yesterday.

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