In a report released today, Lee Krowl from B.Riley FBR initiated coverage with a Buy rating on Opera Ltd (OPRA) and a price target of $19. The company’s shares closed last Monday at $12.53.
Krowl said:
“Opera Ltd. (ORPA) reported a solid 2Q revenue beat driven by the scaling of the lending platform, oKash, which is now operating in three markets (India, Kenya, Nigeria); shares traded up 9% (vs. -0.25% for Russell 2000). For 2Q, revenue/AEBITDA came in at $61.7M/$3.1M, versus our estimates of $55.6M/$3.8M. The company made progress with all business segments as revenue for the Opera News app doubled Q/Q and oKash nearly doubled as well. AEBITDA flow-through from the revenue upside was muted, however, due to higher credit loss expense (CLE) and opex tied to growth initiatives, which had been telegraphed by management YTD.”
According to TipRanks.com, Krowl is a 5-star analyst with an average return of 52.0% and a 80.0% success rate. Krowl covers the Technology sector, focusing on stocks such as Digital Turbine Inc, Limelight Networks, and Rubicon Project.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Opera Ltd with a $19 average price target.
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Based on Opera Ltd’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $5.42 million. In comparison, last year the company had a net profit of $7.33 million.
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Opera Ltd. engages in the provision of web browsers through its subsidiaries. Its products include Opera browser for Windows, iOS, and Linux computers; as well as the mobile apps Opera for Android, Opera Mini, Opera Touch, and Opera News. The company was founded in 1995 and is headquartered in Oslo, Norway.
