Oppenheimer Maintains Outperform On Rignet, $62 PT

Oppenheimer analyst Timothy Horan maintained an Outperform rating on Rignet (NASDAQ:RNET) with a $62 price target, which represents a potential upside of 41% from where the stock is currently trading.

Horan said, “RNET’s 3Q14 results were strong, with organic revenue/EBITDA up 14.6% and 34.9%, respectively. The Inmarsat acquisition contributed $22.7M to top-line results. Normalized EPS were $0.40 (+36.7% YOY) versus our $0.38 estimate, and reported at $0.33. Positively, average revenue per site was up 40.7% YOY, beating our estimates by ~5.8%. We continue to believe that continued rig penetration and growing bandwidth demand will drive top-line results and scale. The impact of lower oil prices will be critical to guidance. The company is having a conference call tomorrow at 11:00 AM ET, and we will have a more detailed note and model afterwards. Dial- in for the call is 877-845-0777.”

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Timothy Horan has a total average return of 11.6% and a 63.0% success rate. Horan is ranked #668 out of 3363 analysts.

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