Northland Capital Lowers Price Target Following Identive Group (INVE) Q1 Miss

Northland Capital Markets maintains an Outperform rating on Identiv, Inc. (NASDAQ: INVE), and lowered the price target to $14.00 (from $21.00), following Q1 miss. Revenue was $14.9M, missing Northlands estimate of $18.4M, and consensus of $19.7M. Identiv lowered its full year revenue guidance to $90-$95 mil from its earlier $95-$105 mil range.

Northland analyst, Michael Latimore, commented on his views towards INVE, saying, "Lowering target to $14 from $21 on lower FY15 rev. Identiv posted weak 1Q results impacted by Europe and legacy reader products. Cisco contract signing contributed 2Q revs, later than expected. Premises outperformed with new security products. Revenue of $14.9 mil v. our $18.4 mil est, and EBITDA loss of $1.9 mil v. our $0.9 mil loss est. Reiterated positive EBITDA and lowered mid-point FY15 rev to $92.5 mil from $100 mil. Sees recovery in Everyday items and continued traction in Premises."

For an analyst ratings summary and ratings history on Identiv, Inc. click here. For more ratings news on Identiv, Inc. click here.

Shares of Identiv, Inc. closed at $8.90 yesterday.

You May Also Be Interested In

• Canaccord Upgrades Iluka Resources Ltd (ILU:AU) (ILKAF) to Buy
• Axis Capital Limited Upgrades Tata Elxsi Ltd (TELX:IN) to Buy (1)
• Berenberg Starts Natwest Group PLC (NWG:LN) (NWG) at Buy