Chardan Capital analyst James McIlree reiterated a Buy rating on Smith Micro Software (SMSI) yesterday and set a price target of $5. The company’s shares closed yesterday at $3.28, close to its 52-week high of $3.48.
McIlree noted:
“We view our estimates as conservative with ample room for the company to beat expectations. The key growth driver for the company is SafePath, which generated $1.2 million in revenue in Q4:18, $2.1 million in Q1:19 and projected to generate $2.4 million this quarter. If the company added as many customers in Q2 as it did in Q1, which we regard as possible, SafePath revenue would exceed $3.5 million for the quarter. We also believe there is upside in ViewSpot revenue which contributed $1.1 million in Q1 and is forecast to generate $0.9 million in Q2. We expect continued growth for SafePath for this year and next. We have modeled SafePath revenue this year of $10.2 million and $15 million in 2020.”
According to TipRanks.com, McIlree is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -5.7% and a 38.5% success rate. McIlree covers the Consumer Goods sector, focusing on stocks such as Foresight Autonomous Holdings Ltd, Vuzix Corporation, and Arcimoto Inc.
Smith Micro Software has an analyst consensus of Moderate Buy, with a price target consensus of $5, which is a 52.4% upside from current levels. In a report issued on July 19, B.Riley FBR also initiated coverage with a Buy rating on the stock with a $5 price target.
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The company has a one-year high of $3.48 and a one-year low of $1.62. Currently, Smith Micro Software has an average volume of 113.5K.
Based on the recent corporate insider activity of 19 insiders, corporate insider sentiment is negative on the stock.
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Smith Micro Software, Inc. engages in the provision of software solutions. It operates through Wireless and Graphics segments. The Wireless segment refers to wireless internet solutions to access information and entertainment anytime and anywhere.
