UPDATE - Barclays Downgraded NETGEAR (NTGR) to Equalweight; Valuation Call
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Price: $21.02 -0.38%
Rating Summary:
6 Buy, 10 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
6 Buy, 10 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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UPDATE - Barclays downgraded NETGEAR (NASDAQ: NTGR) from Overweight to Equalweight. PT $47.
Barclays analyst says, "NTGR shares reflect long-term sales goal and Cisco (Nasdaq: CSCO) share gains: A healthy revenue picture and share gains from Cisco have driven NTGR shares approximately 120% over the past year (vs. Nasdaq up ~30%) toward our $47 price target. We believe the shares now embed much of the share gain opportunity and shift to a EW rating."
"Upside risk to estimates: We retain our $2.71 EPS in 2012 and $47 price target (17x P/E vs. peers ~25x), driving a shift to 2-EW. We view upside risk to ~$3.15 driven by ongoing share gains, SMB improvements, and traction with telcos via Westell. Less sticky customer relationships in retail channels vs. other relationships is a downside risk."
Kvaal Call: Likely revenue outperformance which has driven the shares is now
reflected in NETGEAR's multiple.
Barclays analyst says, "NTGR shares reflect long-term sales goal and Cisco (Nasdaq: CSCO) share gains: A healthy revenue picture and share gains from Cisco have driven NTGR shares approximately 120% over the past year (vs. Nasdaq up ~30%) toward our $47 price target. We believe the shares now embed much of the share gain opportunity and shift to a EW rating."
"Upside risk to estimates: We retain our $2.71 EPS in 2012 and $47 price target (17x P/E vs. peers ~25x), driving a shift to 2-EW. We view upside risk to ~$3.15 driven by ongoing share gains, SMB improvements, and traction with telcos via Westell. Less sticky customer relationships in retail channels vs. other relationships is a downside risk."
Kvaal Call: Likely revenue outperformance which has driven the shares is now
reflected in NETGEAR's multiple.
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