TeleNav announced that Michael Strambi, CFO, has decided to leave the company. Strambi has agreed to remain with the company in his current role until January 2, 2019 to facilitate an orderly transition. Telenav has begun a search to identify qualified candidates to fill the CFO position.
Telenav and Sionic Mobile have entered into a strategic alliance agreement to bring localized in-car digital commerce and offers to drivers. Telenav's location-based services and mobile-advertising capabilities coupled with Sionic Mobile's in-vehicle payment and order-ahead technologies, allow automotive OEMs to bring a commerce experience into the car to help drivers. Using the OEM's vehicle infotainment system, drivers will be able to order and pay before picking up their items at the coffee shop, restaurant, gas station, or other retail locations. Telenav's connected-car and location-based services will incorporate Sionic Mobile's ION Commerce Engine and Express Rewards Marketplace to deliver commerce, offers and rewards to consumers inside the vehicle in a safe manner. Additionally, Telenav's in-car hybrid-navigation solution will integrate commerce capabilities within search, routing, mapping, and ETA sharing. This not only lets drivers more easily make purchases from the car, but also allows automotive OEMs to optimize their monetization via in-car commerce, while still offering their brand-unique user experiences to enhance customer loyalty.
B. Riley FBR adds TeleNav to Alpha Generator list, removes Ooma. B. Riley FBR analyst Josh Nichols added TeleNav (TNAV) to his firm's Alpha Generator list while removing Ooma (OOMA). The analyst keeps a Buy rating on TeleNav with a $9.50 price target. He also continues to believe Ooma has "ample room for multiple expansion."
TeleNav integration at GM a 'strong sign' of coming ramp-up, says Northland. Northland analyst Michael Latimore said he believes TeleNav (TNAV) is now integrated with General Motors' (GM) electronic data interchange system, which he views as "another strong sign" that GM plans to ramp sales of vehicles with TeleNav's system by the end of 2018. Latimore keeps an Outperform rating and $15 price target on TeleNav shares.
TeleNav extension with Ford should remove overhang, says Oppenheimer. Craig-Hallum analyst Steven Dyer notes that TeleNav (TNAV) announced preliminary Q2 results and amended its current agreement with Ford (F), which he believes is net/net positive for the P&L and should be a catalyst for shares. The analyst thinks the extension with Ford removes a major overhang on shares as it provides visibility for the next three years. Dyer reiterates an Outperform rating on TeleNav's shares, while lowering his price target on the stock to $9 from $12.