Roth Capital Cuts Price Target on Crossroads Systems (CRDS) Following Mixed 4Q Results

Roth Capital maintained a Buy rating on Crossroads Systems (NASDAQ: CRDS), and cut the price target to $2.00 (from $3.00), following the company's 4Q earnings report. CRDS reported revenues of $1.8 million and a GAAP EPS of $0.00 versus Roth's estimates of $2.5 million and $(0.14).

Analyst Krishna Shankar commented, "CRDS reported 4Q15 revenues of $1.8 million and a growing backlog of orders for the Strongbox product. We believe that the recent $10 million financing related to the '972 patents from Techquity (Austin-based IP investment firm) is a positive endorsement for CRDS in its ongoing patent litigation with the IPR patent rulings expected over next four months. Management indicated a $200 million potential gain from a successful outcome to the current litigation with Techquity receiving a portion of any awards."

For an analyst ratings summary and ratings history on Crossroads Systems click here. For more ratings news on Crossroads Systems click here.

Shares of Crossroads Systems closed at $1.12 yesterday.

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