Merriman Curhan Ford (NASDAQ: MERR) initiated equity research coverage today of WPCS International Incorporated (NASDAQ: WPCS) ($3.26) with a Buy rating.
Equity research analyst Alex Kurtz highlighted these themes in his initiation report:
- As a leading system integrator for wireless communication as well as energy infrastructure, we believe WPCS is well positioned for improving top and bottom line performance heading into CY10 as it benefits from exposure to new projects in the Government sector (50% of sales, driven by stimulus dollars), as well as Health Care (25% of sales), where a major push is developing to lower operating costs through more efficient IT systems.
- In addition, the company has strong expertise in Wi-Fi networks, WiMax Networks, Point to Point and Mesh Networks—important growth areas in communication infrastructure.
Members of the media can obtain a copy of this Merriman Curhan Ford research report by e-mailing the Equity Research department at editorial@mcfco.com.
About Merriman Curhan Ford
Merriman Curhan Ford (NASDAQ: MERR) is a financial services firm focused on fast-growing companies and the institutions that invest in them. The company offers high-quality investment banking, equity research, institutional services and corporate & venture services, and specializes in five growth industry sectors: CleanTech, Consumer/Internet/Media, Health Care, Natural Resources and Technology. For more information, please go to www.mcfco.com.
Important Disclosures
This research has been prepared by Merriman Curhan Ford & Co., a wholly owned subsidiary of Merriman Curhan Ford Group, Inc. Some companies Merriman Curhan Ford & Co. follows are emerging growth companies whose securities typically involve a higher degree of risk and more volatility than the securities of more established companies.
The securities discussed in Merriman Curhan Ford & Co. research reports may be unsuitable for some investors depending on their specific investment objectives, financial status, risk profile, or particular needs. Investors should consider this report as only a single factor in making their investment decisions and should not rely solely on this report in evaluating whether or not to buy or sell the securities of the subject company.
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All of the views expressed in this research report accurately reflect the research analyst's personal views about any and all of the subject securities or issuers. No part of the research analyst's compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by the research analyst in the subject company of this research report. Research analysts are not directly compensated for specific revenue generated by the firm’s investment banking transactions/activities.
General Disclosures
MCF & Co. expects to receive or intends to seek compensation for investment banking services for all of the companies in its research universe in the next three months. Investors should assume that MCF & Co. is soliciting or will solicit investment banking or other business relationships from the companies covered in this report in the next three months.
Security prices in this report may either reflect the previous day’s closing price or an intraday price, depending on the time of distribution. Designated trademarks and brands are the property of their respective owners.
Specific Disclosures
- MCF & Co. has not received compensation for investment banking services within the last 12 months, and does not expect to receive or intend to seek compensation for investment banking services in the next three months, from WPCS International Inc.
- Within the last 12 months MCF & Co. has not managed or co-managed a public offering for WPCS International Inc.
- MCF & Co. makes a market in WPCS and as such buys and sells from customers on a principal basis.
- Neither Alex Kurtz nor a member of his household owns shares of WPCS.
- Neither MCF & Co. nor its officers, principals, employees, or owners own options, rights, or warrants to purchase WPCS.
- No MCF & Co. employee serves on the board of directors of WPCS International Inc.
- Neither Alex Kurtz nor a member of his household serves on the board of directors of WPCS International Inc.
- Neither MCF & Co. nor its affiliates beneficially owns 1% or more of an equity security of WPCS International Inc.
Key to Investment Rankings (expected total share price return inclusive of dividend reinvestment, if applicable)
| Rating | Percent of Universe | No. of Stocks | Description | Percent of companies under research coverage from which MCF & Co. received compensation for investment banking services provided in the previous 12 months or expects to receive or intends to seek in the next three months | ||||
| Buy | 80% | 73 | MCF & Co. expects the stock price to appreciate 10% or more over the next 12 months. Initiate or increase position. | 7% | ||||
| Neutral | 18% | 16 | MCF & Co believes the stock price is fairly valued at current levels. Maintain position or take no action. | 0% | ||||
| Sell | 2% | 2 | MCF & Co. expects the stock price to depreciate over the next 12 months. Sell or decrease position. | 0% |
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Contacts:
Merriman Curhan Ford
Alex Kurtz, 415-568-3926
Senior Vice
President
akurtz@mcfco.com
or
Charles
Mastellone, 646-292-1429
Supervisory Analyst
cmastellone@mcfco.com
