Roth Capital Slightly Raises Price Target On Plantronics, Maintains Buy
In a research note issued today, Roth Capital analyst Dave King raised his price target on Plantronics, Inc. (PLT) from $52.00 to $53.00, while maintaining a Buy rating on the stock following Plantronics’ analyst day.
King comments: “We came away from Plantronics’ recent analyst day feeling still somewhat uncertain about the company’s plan to recapture UC market share, but more encouraged about the near-term earnings outlook—helped by a deceleration in overinvestment and traction with new Mobile products. We continue to recommend PLT for the significant longer-term growth opportunity in Unified Communications as well as the company’s strong balance sheet and free cash flow”.
King explains his price target saying, “We are raising our price target from $52 to $53, which still assumes a roughly 15x multiple on our FY15 EPS estimate of $3.00 plus net cash of ~$7.85/share”.
According to TipRanks, which measures analysts and bloggers success rate based on how their calls perform, analyst Dave King currently has a one-year average return of 0.3% and a 36% success rate. King has an 3.4% average profit recommending PLT, and he is ranked #2327 out of 3141 analysts.