Lake Street ‘encouraged’ by Napco Security management’s short seller rebuke

After having hosted Napco’s management team at the firm’s annual Best Ideas Growth, or BIG8, Conference in New York last week, Lake Street analyst Jaeson Schmidt came away “feeling encouraged by management’s rebuke of the recent accusations in the short report,” the analyst tells investors. Shares are off 29% since announcing fiscal Q4 results in late August, which partially reflects the selloff related to the short report published earlier this month, notes the firm, which believes “fundamentals remain strong” and thinks Napco remains positioned to drive solid, double-digit top and bottom line growth. Following the recent meetings, the firm reiterates a Buy rating and $60 price target on Napco shares.