Arlo Technologies initiated with a Buy at Roth MKM

Roth MKM initiated coverage of Arlo Technologies with a Buy rating and $13 price target. Arlo is “a pioneer and leading supplier” of do-it-yourself home security solutions with an expanding array of solutions into connected home adjacencies, the analyst tells investors. In addition to Arlo being poised to expand beyond the home security and automation markets, the firm expects its “underappreciated SaaS transition” to help the stock continue to narrow the valuation gap with security comps, the analyst added.