ORBCOMM (ORBC) PT Raised to $16 at Canaccord Genuity After Meeting with Management

September 11, 2017 8:34 AM EDT
Get Alerts ORBC Hot Sheet
Price: $11.25 --0%

Rating Summary:
    5 Buy, 4 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 11 | Down: 5 | New: 41
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Canaccord Genuity raised its price target on ORBCOMM (NASDAQ: ORBC) to $16.00 (from $14.00) while maintaining a Buy rating following investor meetings with management. ORBCOMM remains a top pick in Canaccord Genuity's IoT coverage universe given a belief that the company is positioned to generate strong long-term recurring revenue growth with expanding adjusted EBITDA margins.

Analyst Michael Walkley believes that ORBCOMM remains on track to sell roughly 90,000 hardware units during Q3/2017 to drive strong sub growth in 2H/2017.

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