Roth Capital Reiterates Buy On Tangoe Shares; Keeps $25 PT


In a research report issued today, Roth Capital analyst Richard Baldry reiterated a Buy rating on Tangoe (NASDAQ:TNGO) with a price target of $25.00.

Baldry noted, “Mixed 2Q14 results offered record revenues and pro forma EPS returned to their former high, but also offered some complexity-driven large-deal deployment delays. For 3Q14 we see continued growth acceleration and a move to a new record high for pro forma EPS as clear valuation catalysts. With shares down nearly 50% versus prior highs, we see solid value in TNGO and reiterate our Buy rating and $25.00 target price. Accelerating growth catalyst seen confirmed in 3Q14. 2Q14 yr/yr revenue growth of 13.5%, up from 12.3% in 1Q14, represented TNGO’s first accelerating growth quarter since 4Q12 (its peak acquisition-enhanced quarter) as acquisitions hampered comparisons. Our 3Q14 revenue forecast of $55.1M (guidance is $55.0-55.7M) assumes a 15.7% growth rate to continue this critical acceleration trend.”

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Richard Baldry has a total average return of 7.3% and a 57.9% success rate. Baldry has a -12.0% average return when recommending TNGO, and is ranked #1024 out of 3339 analysts.

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