In a report released today, Jeff Van Sinderen from B.Riley FBR maintained a Hold rating on Universal Electronics (NASDAQ: UEIC), with a price target of $42. The company’s shares opened today at $37.25.
Van Sinderen observed:
“Universal Electronics (UEIC, $42.00 PT) reported 2Q18 EPS in line with expectations, while sales were just shy of expectations and guidance, after the company had guided to a trend-breaking sales decrease of (7%) to (11%) for 2Q. Comcast orders declined sequentially from 23.1% of sales to 18.2%. Customers who delayed orders in 2Q are back on track in 3Q. The company expects a ramp in core AV (STBs) and home automation products to drive increased revenues in 3Q, and it provided sales/adj. guidance above expectations. Revenue from home automation is expected to contribute ~$130M in FY18 (~30% growth). One significant MSO in particular has returned to ramping next-generation video deployments in 3Q. Home automation companies increasing orders in 3Q include Daikin climate control and Ring home security (part of Amazon).”
According to TipRanks.com, Sinderen is a 1-star analyst with an average return of -0.5% and a 48.5% success rate. Sinderen covers the Services sector, focusing on stocks such as Tuesday Morning, Tilly’s Inc, and Kirkland’s.
Currently, the analyst consensus on Universal Electronics is a Hold with an average price target of $44.
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The company has a one-year high of $67.44 and a one-year low of $26.97. Currently, Universal Electronics has an average volume of 148.6K.
Based on the recent corporate insider activity of 85 insiders, corporate insider sentiment is neutral on the stock.
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Universal Electronics, Inc. engages in the design, development, and trade of control and sensor technology solutions. It offers pre-programmed universal infrared and radio frequency remote controls; integrated circuits; and software applications for televisions, set-top boxes, stereos, smart phones, tablets, gaming controllers, and consumer electronic devices. The company was founded in 1986 and is headquartered in Santa Ana, CA.
