Maxim Group analyst Nehal Chokshi maintained a Buy rating on iPass (NASDAQ: IPAS) today and set a price target of $1.25. The company’s shares closed yesterday at $0.38, close to its 52-week low of $0.25.
Chokshi wrote:
“At least $3.2M of Annual Contract Value (ACV) signed so far in the June quarter provides a better foundation for stabilizing the business. TECD agreement should help further reduce costs, likely be a driver of growth in CY19. Reducing our long-term growth outlook to 15% per year, thus EV/S multiple to ~1.5x and 12-month price target to $1.25, from $2/share on slightly reduced CY19 revenue estimates..”
According to TipRanks.com, Chokshi is a 5-star analyst with an average return of 16.8% and a 63.0% success rate. Chokshi covers the Consumer Goods sector, focusing on stocks such as Hewlett Packard Enterprise, Super Micro Computer, and Palo Alto Networks.
iPass has an analyst consensus of Strong Buy, with a price target consensus of $1.75.
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The company has a one-year high of $1.51 and a one-year low of $0.25. Currently, iPass has an average volume of 577.9K.
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iPass, Inc. provides Wi-Fi roaming services for enterprise employees and service provider subscribers. The company operates through the Mobility Services segment. The Mobility Services segment offers open mobile enterprise and open mobile exchange services.
