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Pacific Growth Keeps 'Overweight' on UTStarcom

Pacific Growth reiterated its overweight rating on UTStarcom (UTSI).

Analyst Joe Noel says he's heard rumors over the past six months that UTStarcom is working on large a PAS (personal-access system) order in Nigeria. He now believes the company's first deployments within that country are in the beginning stages, as part of a much larger contract signed last year. He says UTStarcom has made significant progress in geographic revenue diversification.

Noel notes that within China, 43% of all new landline installations are personal-access systems. He believes deployments into Nigeria will be meaningful to UTStarcom. Noel says his team will remain aggressive buyers of UTStarcom to up to the $45 level.

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