New York, May 11 (FinanceEnquiry.com) – Analysts at Deutsche Bank Securities reiterate their BUY rating on the shares of Rignet Inc (NASDAQ: RNET). The 12-month target price is set to $21.
In a research note published yesterday, the analysts mention that RigNet Inc reported solid 1Q12 results that were largely in-line with the expectations.
Moreover, the strong growth was driven by its offshore segments, where RNET continues to increase the number of sites served as well as revenue generated per site.
However, capex was higher than expected, ~90% of spending is success-based, so the analysts view this as a positive indicator of future revenue trends.
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