RigNet Receives Buy Rating from Deutsche Bank (RNET)
RigNet (NASDAQ:RNET)‘s stock had its “buy” rating reaffirmed by investment analysts at Deutsche Bank in a note issued to investors on Monday, Stock Ratings News reports. They currently have a $42.00 target price on the stock, up from their previous target price of $32.00. Deutsche Bank’s price objective would suggest a potential upside of 11.44% from the stock’s previous close.
The analysts wrote, “We have 4 key areas of focus/expectations for 3Q earnings: (1) post paid net adds at TMUS, which could still beat despite recent upward revisions, (2) the degree of pressure on S’s post paid trends and its initial views on ’14 network priorities, (3) 2014 guidance from CCI and SBAC, which should reflect strong trends in organic growth as carriers shift focus to cell splitting for LTE and (4) a pleasantly uneventful print from EQIX having reset guidance last quarter.”
RigNet (NASDAQ:RNET) traded up 0.53% on Monday, hitting $37.89. The stock had a trading volume of 6,163 shares. RigNet has a 1-year low of $17.09 and a 1-year high of $38.77. The stock has a 50-day moving average of $35.92 and a 200-day moving average of $28.29. The company has a market cap of $606.5 million and a price-to-earnings ratio of 42.35.
RigNet (NASDAQ:RNET) last issued its quarterly earnings data on Monday, August 5th. The company reported $0.28 earnings per share (EPS) for the quarter. The company had revenue of $51.30 million for the quarter, compared to the consensus estimate of $33.50 million. On average, analysts predict that RigNet will post $1.07 earnings per share for the current fiscal year.
A number of other firms have also recently commented on RNET. Analysts at Jefferies Group raised their price target on shares of RigNet from $27.00 to $32.00 in a research note to investors on Wednesday, August 7th. They now have a “buy” rating on the stock. Analysts at Oppenheimer raised their price target on shares of RigNet from $28.00 to $35.00 in a research note to investors on Monday, August 5th.
RigNet, Inc (NASDAQ:RNET) is a network infrastructure provider serving the remote communications needs of the oil and gas industry.
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