The higher price target comes after the wireless communications solutions company announced it would buy Canton, MA-based LoJack Corp. (LOJN) for $134 million in cash yesterday.
LoJack is a provider of after-market safety, security and protection products and services for tracking and recovering cars, trucks and other mobile assets.
"We believe LoJack's business model is a natural fit with management's long-term strategies and also meets management's four acquisition criteria of gross margin accretion, non-GAAP earnings accretion, vertical market alignment and/or channel leverage, and ease of integration," Canaccord Genuity said in an analyst note.
The acquisition creates a leading connected car and vehicle telematics solutions provider, the firm noted.
Shares of Oxnard, CA-based CalAmp closed higher by 1.77% to $17.21 on heavy trading volume on Tuesday.
About 1.24 million of the company's shares were traded today, well above its average volume of 397,264 shares per day.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on the stock.
This is driven by some important positives, which should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks covered by the team.
The company's strengths can be seen in multiple areas, such as its robust revenue growth, good cash flow from operations, expanding profit margins, largely solid financial position with reasonable debt levels by most measures and notable return on equity.
The team feels its strengths outweigh the fact that the company has had lackluster performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: CAMP