CalAmp price target lowered to $0.35 from $0.80 at Goldman Sachs

Goldman Sachs lowered the firm’s price target on CalAmp to $0.35 from $0.80 and keeps a Sell rating on the shares. The company’s Q2 results revealed disciplined SG&A reduction and improved working capital performance, but its EBITDA of $5.9M was below the guidance mid-point of $5M-$9M and the firm’s estimate of $6.9M as revenue per subscriber was 18% below Goldman Sachs view, the analyst tells investors in a research note. The firm adds that it sees more attractive growth and free cash flow conversion in “other parts of its coverage”.