Nearmap shakes off JCap follow up - William McInnes Nearmap has weathered a follow up report from J Capital Research, with its shares trading 2.3 per cent higher at $2.63, its highest level in more than three months.While JCap had accused the company of not addressing the claims made in its original report on Thursday, the sell-side research community has stood firm, retaining their buy recommendations on the stock and in some cases, increasing their price targets.Canaccord Genuity increased its price target on Nearmap from $2.90 to $3.10, saying its first half result was better than expected.“In our view, Nearmap growth appears to be exceeding the growth in the broader US aerial imaging market, particularly in its targeted verticals of roofing, Government and Insurance, while maintaining elevated unit economics,” said analyst Owen Humphries.“Nearmap uses its own propriety built and patented camera systems that have enabled it to become the lowest cost producer and thus the most efficient provider of aerial imagery.”
NEA Price at posting:
$2.63 Sentiment: Buy Disclosure: Held
