Nomura Securities Starts MobileIron (MOBL) at Buy

Nomura Securities initiates coverage on MobileIron (NASDAQ: MOBL) with a Buy rating and a price target of $13.00.

Analyst Rick Sherlund said, "We are initiating coverage of MobileIron with a Buy rating and $13 target price, based on our positive view of the company’s positioning within the underpenetrated, high-growth mobile enterprise management (MEM) space. We believe that the stock’s valuation at 4.8x EV to CY15E revenue undervalues the company’s growth prospects based on our estimates (38% y-o-y growth expected in CY15) and our expectation for the company to reach an operating margin of 20-25% over the long term. Competitive risks are high, but we believe the market opportunity is rich for the emerging market leaders. FY14E EPS starts at ($2.31); FY15E EPS starts at ($0.81)."

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

Shares of MobileIron closed at $9.82 yesterday.

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