WidePoint initiated with a Buy at Litchfield Hills

Litchfield Hills initiated coverage of WidePoint with a Buy rating and $6 price target. WidePoint is a cybersecurity-focused software-as-a-service company serving mainly highly sensitive government agencies, the analyst tells investors in a research note. The firm says the stock does not trade like a SaaS company with an 84% discount to the average of 81 publicly traded peers. With no debt, cash equal to 19% of its market cap and positive free cash flow, WidePoint would make an ideal acquisition for some of the larger private equity-backed competitors in its space, contends Litchfield.