Needham Initiates a Buy Rating on Quantenna CommunicationsBy Austin Angelo
Needham analyst Quinn Bolton initiated coverage with a Buy rating on Quantenna Communications (NASDAQ: QTNA) today and set a price target of $25. The company’s shares closed yesterday at $19.99, close to its 52-week high of $20.02.
“We are initiating coverage of Quantenna with a Buy rating and are establishing a 12-month PT of $25 based on an EV of 3.8x 2018 sales. As the Wi-Fi chipset performance leader, we believe QTNA is uniquely positioned to benefit from consumer demand for higher-bandwidth, more reliable Wi-Fi service. QTNA has leveraged its market-leading performance to target sticky segments of the Wi-Fi market including service providers and high-end retail APs and has developed deep relationships with industry leaders.”
According to TipRanks.com, Bolton is a top 25 analyst with an average return of 21.3% and a 74.6% success rate. Bolton covers the Technology sector, focusing on stocks such as Sequans Communications S A, Integrated Device Tech, and Ikanos Communications.
Currently, the analyst consensus on Quantenna Communications is Strong Buy and the average price target is $24.33, representing a 21.7% upside.
In a report released today, Deutsche Bank also initiated coverage with a Buy rating on the stock with a $25 price target.
The company has a one year high of $20.02 and a one year low of $13.75. Currently, Quantenna Communications has an average volume of 520.4K.
Quantenna Communications, Inc. develops semiconductor solutions for the next generation of ultra-reliable, Wi-Fi networks. It creates disruptive next generation multiple input multiple output based wireless chips with game-changing size, power, and performance characteristics. The firm serves the retail, home networking, carrier and consumer electronics industries. The Company was founded by Farrokh Farrokhi, Andrea Goldsmith and Behrooz Rezvani on November 28, 2005 and is headquartered in Fremont, CA.