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Fly News Breaks for December 11, 2018
CAMP
Dec 11, 2018 | 07:41 EDT
Canaccord analyst T. Michael Walkley maintained a Buy rating on CalAmp (CAMP) but lowered his price target to $25 from $31 after the company issued "disappointing" Q3 and FY19 guidance, with management citing supply disruptions and extended lead times from component shortages that adversely impacted the company's ability to ship certain products during the quarter. In a research note to investors, Walkley says he believes that CalAmp's management overall continues to execute and the company is well positioned to drive sales and earnings growth over the next several years driven by growing sales to Caterpillar (CAT), ramping international sales, a growing product portfolio, and ongoing growth of higher-margin recurring revenue sales.
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