Needham & Company Starts Global Eagle Entertainment (ENT) at Hold

Needham & Company initiates coverage on Global Eagle Entertainment (NASDAQ: ENT) with a Hold rating.

Analyst Richard Valera commented, "Global Eagle is an integrated provider of in-flight entertainment (IFE) content and in-flight connectivity (IFC) to commercial airlines. We like the company's scale and leading market position in the IFE market and its positioning to benefit from a strong secular trend toward increasing connectivity and bandwidth on commercial flights in the IFC market. We see prospective IFC wins as the most likely catalyst for the shares over the next year, most notably an ongoing trial with Air France. Our sum-of-parts valuation analysis suggests modest potential upside from current levels; however, our 2016 EBITDA estimates are meaningfully below consensus, which could result in a near-term headwind for the shares if we're correct and consensus estimates move down toward ours. As such, we initiate coverage with a Hold rating."

For an analyst ratings summary and ratings history on Global Eagle Entertainment click here. For more ratings news on Global Eagle Entertainment click here.

Shares of Global Eagle Entertainment closed at $13.15 yesterday.

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