Ubiquiti Networks Rating Reiterated by Bank of America (UBNT)

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Bank of America restated their positive rating on shares of Ubiquiti Networks (NASDAQ:UBNT) in a report issued on Thursday, Analyst Ratings Net reports.

“Following recent discussion with management, we maintain our Buy and increase our price objective from $50 to $60, highlighting three reasons for our bullish view: strong business momentum and upcoming product launches; good uptake on the announced distribution agreement with Ingram Micro; and substantial upside to our 2015/2016 estimates. We believe the stock remains attractive despite the recent strong run up, trading at ~22x our 2015E EPS, vs. a 67% cumulative revenue growth in the last four quarters. Our PO is based on ~26x our 2015E P/E, which we think is more aligned with the future growth potential.,” the firm’s analyst commented.

Shares of Ubiquiti Networks (NASDAQ:UBNT) opened at 49.72 on Thursday. Ubiquiti Networks has a 52 week low of $12.81 and a 52 week high of $53.58. The stock has a 50-day moving average of $45.43 and a 200-day moving average of $40.0. The company has a market cap of $4.365 billion and a price-to-earnings ratio of 33.49.

Ubiquiti Networks (NASDAQ:UBNT) last posted its quarterly earnings results on Thursday, February 6th. The company reported $0.48 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.45 by $0.03. The company had revenue of $138.40 million for the quarter, compared to the consensus estimate of $133.33 million. During the same quarter last year, the company posted $0.20 earnings per share. Ubiquiti Networks’s revenue was up 84.8% compared to the same quarter last year. Analysts expect that Ubiquiti Networks will post $1.92 EPS for the current fiscal year.

In other Ubiquiti Networks news, VP Benjamin Moore sold 34,000 shares of the company’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $45.63, for a total transaction of $1,551,420.00. The sale was disclosed in a document filed with the SEC, which is available at this link.

A number of other firms have also recently commented on UBNT. Analysts at Zacks upgraded shares of Ubiquiti Networks from a neutral rating to an outperform rating in a research note on Tuesday, February 11th. They now have a $49.00 price target on the stock. Separately, analysts at Raymond James raised their price target on shares of Ubiquiti Networks from $47.00 to $50.00 in a research note on Friday, February 7th. Finally, analysts at BMO Capital Markets raised their price target on shares of Ubiquiti Networks from $52.00 to $56.00 in a research note on Friday, February 7th. Five investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company has an average rating of Buy and a consensus price target of $44.10.

Ubiquiti Networks, Inc (NASDAQ:UBNT) is a communications technology Company.

To view Bank of America’s full report, visit Bank of America’s official website.

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