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CAMP

CalAmp

$17.02

-0.23 (-1.33%)

16:35
12/10/18
12/10
16:35
12/10/18
16:35

CalAmp cites supply disruptions in reducing its Q3 outlook

CalAmp states: "When the Company provided the financial outlook for the third quarter of fiscal 2019 on September 27, 2018, management discussed an accelerated supply chain diversification program to transition its manufacturing to tier one global contract manufacturers with facilities outside of China. This program was initiated against the backdrop of the escalation of trade tensions between the U.S. and China. During the third quarter, CalAmp experienced various supply disruptions related to this transition, as well as extended lead times driven by component shortages. This resulted in inbound product supply delays at quarter end and impacted the Company's ability to ship certain products to meet customer demand. Management is taking steps to address these operational challenges. These supply chain challenges, coupled with macroeconomic factors, have heightened near term uncertainty and highlight the importance of efforts to increase software-as-a-solution revenue. While we are disappointed in the short-term execution of our supply chain diversification efforts, we recognize that improving our supply chain partner program is critical for us to achieve greater flexibility and geographic diversity with our suppliers. We have undertaken various actions to improve our supply chain operations in order to avoid delays in the timing of future product shipments. Overall, the Company's long-term growth drivers and market opportunities, especially those related to CalAmp's transformation to a SaaS solutions provider, remain intact. CalAmp's Software and Subscription business continues to perform well, and we are keenly focused on driving recurring revenue growth and increasing long-term visibility."

CAMP CalAmp
$17.02

-0.23 (-1.33%)

11/27/18
11/27/18
INITIATION

On The Fly: Top analyst initiations
Catch up on today's top analyst initiations with this list compiled by The Fly: 1. CVS Health (CVS) initiated with an Overweight at Cantor Fitzgerald. 2. EVO Payments (EVOP) initiated with a Buy at BTIG. 3. Coherent (COHR) initiated with a Buy at Vertical Group. 4. LPL Financial (LPLA) was initiated with a Conviction Buy at Goldman Sachs while CalAmp (CAMP), Stifel Financial (SF), and Raymond James (RJF) initiated with a Neutral. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
11/26/18
GSCO
11/26/18
INITIATION
Target $20
GSCO
Neutral
CalAmp initiated with a Neutral at Goldman Sachs
Goldman Sachs analyst Jerry Revich initiated CalAmp with a Neutral rating and a price target of $20. The analyst says that he is "constructive" on the company's "opportunity to benefit from rising digitization in its core US transportation telematics business" with an added "significant option value" if it can penetrate the global construction equipment market. Revich also warns however that the slowing U.S. truck and stolen vehicle recovery demand could lead to CalAmp missing consensus FY19-FY21 EBITDA estimates by as much as 13%. The analyst expects US truck production to peak in 2019, "driving an organic growth downturn in 2020-21 for new truck telematics."
11/26/18
GSCO
11/26/18
INITIATION
GSCO
Neutral
CalAmp initiated with a Neutral at Goldman Sachs
10/28/18
FANA
10/28/18
NO CHANGE
Target $29
FANA
Strong Buy
First Analysis bullish on CalAmp on increased confidence in consistent growth
First Analysis analyst Howard Smith reiterates a Strong Buy rating on CalAmp after meetings with CEO Michael Burdiek increased his conviction that its strong position in wireless IoT and its strategy to enable large enterprises with hardware and, increasingly, recurring services will lead to more consistent growth and a higher-margin profile, which should reward CalAmp shareholders. The analyst has a $29 price target on the shares.

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