Towerstream Corp. PT Lowered to $3.00 (TWER)
Equities research analysts at DA Davidson lowered their target price on shares of Towerstream Corp. (NASDAQ:TWER) from $5.00 to $3.00 in a research note issued to investors on Tuesday. The firm currently has a “buy” rating on the stock. DA Davidson’s price target suggests a potential upside of 88.68% from the stock’s previous close.
The analysts wrote, “TWER’s results showed lighter than expected revenue at $8.27 million compared to our estimate of $8.41 million. Fixed Wireless shrank 1.5% sequentially but churn improved from 2.3% in Q1 to 1.7%. HetNets revenue was flat at $739k compared to $740k in Q1. Year-over-year (YoY) total revenue was flat with only a meager 0.6% increase. Expenses were up 1% YoY and down 1.5% sequentially. TWER is trying to hold expenses flat as it awaits more activity from the carriers on the HetNets business. Total EBITDA loss was $2.5 million and EPS was $(0.10), which was in line with expectations and compared to $(0.09) last year. Capex was $2.0 million and the company had negative free cash flow of $4 million—better than the $7 million cash burn in Q1. Cash at the end of the quarter was $17.3 million.”
Separately, analysts at HC Wainwright initiated coverage on shares of Towerstream Corp. in a research note on Monday, June 30th. They set a “neutral” rating on the stock.
Towerstream Corp. (NASDAQ:TWER) traded up 2.52% during mid-day trading on Tuesday, hitting $1.63. 348,445 shares of the company’s stock traded hands. Towerstream Corp. has a 52-week low of $1.45 and a 52-week high of $3.36. The stock’s 50-day moving average is $1.68 and its 200-day moving average is $2.05. The company’s market cap is $108.3 million.
Towerstream Corp. (NASDAQ:TWER) last posted its quarterly earnings results on Monday, August 11th. The company reported ($0.10) EPS for the quarter, meeting the Thomson Reuters consensus estimate of ($0.10). The company had revenue of $8.27 million for the quarter, compared to the consensus estimate of $8.97 million. Analysts expect that Towerstream Corp. will post $-0.37 EPS for the current fiscal year.
Towerstream Corporation (NASDAQ:TWER) provides broadband services to commercial customers and delivers access over a wireless network transmitting over both regulated and unregulated radio spectrum.
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