Raymond James analyst Adam Tindle raised the firm’s price target on Netgear to $22 from $15 and keeps an Outperform rating on the shares. Netgear provided Q3 guidance update after the market close, and while FY24 guidance wasn’t provided, the firm raised its Q3 and FY24 estimates for EPS, revenue and free cash flow to account for the TP-Link settlement and an earlier-than-anticipated 5G mobile hotspot launch, the analyst tells investors in a research note. Netgear has notable catalysts, but Raymond James remains more conservative with not having this near-term guidance uplift roll through the firm’s out-year expectations.
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