Canaccord Genuity Initiates Coverage on Control4 Corp. with a Buy Recommendation - Video Research Alert Posted on InvestmentPitch.com
Vancouver, British Columbia--(Newsfile Corp. - August 29, 2013) - Canaccord Genuity has initiated coverage on Control4 Corp. (NASDAQ: CTRL). Analyst Jonathan Dorsheimer gives the company a buy recommendation and one-year price target of $23.00, a slight premium to the $21.96 price the day the report was issued.
InvestmentPitch.com has produced a "video research alert" based on this report. If this link is not enabled, please visit www.InvestmentPitch.com and enter "Control4" in the search box.
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The company went public at the beginning of August with a 4 million share IPO priced at $16.00. BofA Merrill Lynch and Raymond James acted as managers for the offering, with Canaccord Genuity, Cowen and Company, and Needham & Company acting as co-managers.
The company is the biggest supplier of automation and control systems to the connected home market. Canaccord Genuity believes the annual domestic and international market for high-end home automation systems could exceed $2.5 billion.
Control4® solutions unlock the potential of connected devices, providing its customers with the ability to integrate music, video, lighting, temperature, security, communications and other functionalities into a unified home automation solution. At the center of Control4's solution is its advanced software platform, which interfaces with a wide variety of connected devices that are developed both by Control4 and by many third parties. The company's new MyControl4 website provides customers with simple access to their automation system.
Analyst Jonathan Dorsheimer stated, "We have found that the leading housing-related names have already seen a median appreciation of nearly 70% since the beginning of 2012. We see Control4 as a new way for funds to continue "playing" this trend/or as another opportunity for those who may have missed the appreciation of the broader group."
Control4 is a capital-efficient business and the recent IPO provides the company with the resources to expand its dealer network, fund working capital/product development, pay off existing liabilities and possibly pursue complementary technologies or businesses.
The shares are currently trading at $23.00, and with 26 million shares outstanding, the company is capitalized at $598 million.
For more information, please visit the company's website www.control4.com. Investor relations is handled by Mike Bishop of The Blueshirt Group. He can be contacted at 415-217-4968 or email email@example.com.
For more information about Canaccord Genuity or to obtain a copy of their research report, contact your nearest Canaccord Genuity office. Their branches are listed on their website at www.canaccord.com.
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Barry Morgan, CFO