B. Riley FBR starts Sonim at Buy on rugged mobile device growth
B. Riley FBR analyst Zack Silver earlier today initiated coverage of Sonim Technologies with a Buy rating and $17 price target. The stock in morning trading is down 11c to $13.64. The analyst believes Sonim will continue to capture rugged mobile device market share in the U.S. and Canada, and that government agencies and industrial firms will continue to replace "cumbersome" legacy devices built for land mobile radio networks in exchange for mobile devices built for commercial long term evolution networks. This will drive overall rugged mobile device market expansion, Silver writes in a research note. He believes these two levers alone are enough to drive mid-20% annual revenue growth and mid-50% annual EBITDA growth over the next several years for Sonim.