Company News

BUZZ-CalAmp stock slides as Craig-Hallum cuts to "hold"

** Shares of CalAmp Corp dropped nearly 7 pct early Thurs after Craig-Hallum cut its rating to “hold,” reduced PT to $24, the lowest on the Street

** The wireless communications co’s stock last down 6.7 pct at $23.11

** Lead analyst Anthony Stoss cites taxes, opex as near-term headwinds

** Believes FY 2019 tax rate could be double that of FY 2018, sees tax reform changes to NOLs and US minimum tax rates related to international business driving the increase

** Of 8 analysts covering CAMP, 5 rate co “buy” or stronger, remaining 3 recommend “hold”; median PT $25

** Stoss given 2 of 5 stars by Thomson Reuters StarMine for past CalAmp recommendation performance

** Despite today’s drop, CAMP up almost 43 pct over the last 12 months vs ~27 pct advance by the Nasdaq Composite (Reporting by Stephen Culp)