After Northland Securities and Craig-Hallum gave Pareteum Corp (NYSE MKT: TEUM) a Buy rating last month, the company received another Buy, this time from Maxim Group. Analyst Allen Klee reiterated a Buy rating on Pareteum Corp today and set a price target of $9. The company’s shares closed on Friday at $4.61.
Klee wrote:
“We believe the 20% pullback in stock price from recent highs creates an attractive entry point. In our opinion, there is upside to consensus estimates driven by an already- strong growth outlook for both the top and bottom line, While the company noted two material weaknesses in its 10-K, we expect a remediation in the near term at immaterial overall costs. At 4.8x our 2019 revenue estimate, we reiterate our Buy rating. Based on 2020 estimates, our $9 price target represents 5x our revenue estimate vs. 9x for a peer group of SaaS and communications service providers.”
According to TipRanks.com, Klee is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -10.3% and a 30.4% success rate. Klee covers the Technology sector, focusing on stocks such as Sify Technologies Limited, Dolphin Entertainment Inc, and Atlantic Tele-Network.
Pareteum Corp has an analyst consensus of Strong Buy, with a price target consensus of $8.17, which is a 77.2% upside from current levels. In a report issued on March 13, Craig-Hallum also maintained a Buy rating on the stock with a $8 price target.
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The company has a one-year high of $5.93 and a one-year low of $1.45. Currently, Pareteum Corp has an average volume of 2.72M.
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Pareteum Corp. engages in the provision of mobile networking software and services. It offers mobile proprietary Software Defined Network Architecture platforms for the telecommunications industry utilizing messaging and security capabilities for the Mobile Virtual Network Operators, Internet-of-Things markets, Mobile, and Enterprise markets.
