Canaccord Maintains Hold On Silver Spring, Sees 20% Upside For The Stock
In a research report released today, Canaccord Genuity analyst John Quealy maintained a Hold rating on Silver Spring Networks (NYSE:SSNI) with a $13 price target, which represents a 20% upside from where the stock is currently trading.
Quealy noted, “The company is working to rebuild visibility and momentum after experiencing a period of lumpier project deployments (very common in the Smart Grid). While the stock price looks to have solid valuation support here (~3x cash), we find shares range-bound near term as the Street works to re-assess the story.” Quealy added, “While utility delays persist near term, management keeps its commitment to longer-term growth initiatives (i.e., SilverLink, smart cities, etc.). We find the restructuring decision to be prudent given current market dynamics (in line with many smart grid peers).”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst John Quealy has a total average return of 26.6% and a 57.9% success rate. Quealy is ranked #49 out of 3284 analysts.