UPDATE: Bank of America Reiterates on Ubiquiti Networks on Multiple Positive Factors

In a report published Thursday, Bank of America analyst Tal Liani reiterated a Buy rating on Ubiquiti Networks (NASDAQ: UBNT), and raised the price target from $50.00 to $60.00.

In the report, Bank of America noted, “Following recent discussion with management, we maintain our Buy and increase our price objective from $50 to $60, highlighting three reasons for our bullish view: strong business momentum and upcoming product launches; good uptake on the announced distribution agreement with Ingram Micro; and substantial upside to our 2015/2016 estimates. We believe the stock remains attractive despite the recent strong run up, trading at ~22x our 2015E EPS, vs. a 67% cumulative revenue growth in the last four quarters. Our PO is based on ~26x our 2015E P/E, which we think is more aligned with the future growth potential.”

Ubiquiti Networks closed on Wednesday at $49.42.