Needham analyst Quinn Bolton reiterated a Buy rating on Quantenna Communications (NASDAQ: QTNA) today and set a price target of $23. The company’s shares closed yesterday at $18.31, close to its 52-week high of $19.41.
Bolton observed:
“Following the announcement that Deutsche Telekom has designed the company’s Wave 3 solution into its premium Speedport Pro hybrid residential gateway and a recent positive NDR with management, we reiterate our Strong Buy rating on Quantenna and increase our PT to $23 from $20, based on an EV of 3.0x expected CY2019 sales. We remain upbeat on QTNA’s prospects as we anticipate a diversification in revenue growth over the next two years driven by the ramp of Wave 3 solutions at a large NA MSO and its syndicate members, the ramp of Wave 3 solutions at DT and another European telco, the ramp of Spartan designs with European service providers, the launch of 802.11ax solutions and finally the opportunity to win business at new service providers.”
According to TipRanks.com, Bolton is a top 100 analyst with an average return of 17.2% and a 67.7% success rate. Bolton covers the Consumer Goods sector, focusing on stocks such as MACOM Technology Solutions Holdings Inc, Sequans Communications S A, and Integrated Device Tech.
Quantenna Communications has an analyst consensus of Strong Buy, with a price target consensus of $20.67, which is a 12.9% upside from current levels. In a report released yesterday, Stifel Nicolaus also maintained a Buy rating on the stock with a $22 price target.
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Based on Quantenna Communications’ latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $1.03 million. In comparison, last year the company had a net profit of $169K.
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Quantenna Communications, Inc. designs, develops, and markets the advanced high-speed wireless communication solutions enabling wireless local area networking. It creates disruptive next generation multiple input multiple output based wireless chips with size, power, and performance characteristics.
