2013-08-29 23:22:02 -
Vancouver, British Columbia, August 29, 2013 - Canaccord Genuity has initiated
coverage on Control4 Corp. (NASDAQ:CTRL). Analyst Jonathan Dorsheimer gives the
company a buy recommendation and one-year price target of $23.00, a slight
premium to the $21.96 price the day the report was issued.
InvestmentPitch.com has produced a "video research alert" based on this report.
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"Control4" in the search box.
The company went public at the beginning of August with a 4 million share IPO
priced at $16.00. BofA Merrill Lynch and Raymond James acted as managers for
the offering, with Canaccord Genuity, Cowen and Company, and Needham & Company
acting as co-managers.
The company is the biggest supplier of automation and control systems to the
connected home market. Canaccord Genuity
believes the annual domestic and
international market for high-end home automation systems could exceed $2.5
Control4® solutions unlock the potential of connected devices, providing its
customers with the ability to integrate music, video, lighting, temperature,
security, communications and other functionalities into a unified home
automation solution. At the center of Control4's solution is its advanced
software platform, which interfaces with a wide variety of connected devices
that are developed both by Control4 and by many third parties. The company's new
MyControl4 website provides customers with simple access to their automation
Analyst Jonathan Dorsheimer stated, "We have found that the leading housing-
related names have already seen a median appreciation of nearly 70% since the
beginning of 2012. We see Control4 as a new way for funds to continue "playing"
this trend/or as another opportunity for those who may have missed the
appreciation of the broader group."
Control4 is a capital-efficient business and the recent IPO provides the company
with the resources to expand its dealer network, fund working capital/product
development, pay off existing liabilities and possibly pursue complementary
technologies or businesses.
The shares are currently trading at $23.00, and with 26 million shares
outstanding, the company is capitalized at $598 million.
For more information, please visit the company's website www.control4.com.
Investor relations is handled by Mike Bishop of The Blueshirt Group. He can be
contacted at 415-217-4968 or email firstname.lastname@example.org
For more information about Canaccord Genuity or to obtain a copy of their
research report, contact your nearest Canaccord Genuity office. Their branches
are listed on their website at www.canaccord.com.
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Barry Morgan, CFO
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