SSTI - ShotSpotter rallies after JMP Securities turns bullish over near-term upside

ShotSpotter ( NASDAQ: SSTI ) rallied in late morning trading on Wednesday after JMP Securities upgraded the gunfire locator stock to a Market Outperform rating from Market Perform.

Analyst Erik Suppiger and team believe market demand for ShotSpotter's ( SSTI ) flagship service has accelerated and expect the company’s margins to expand significantly over the next few years. Also supporting the firm's bull thesis, community opposition against SSTI is seen improving and investor sentiment is anticipated to improve as inaccurate media reports become less prevalent.

Just in the last few weeks, ShotSpotter ( SSTI ) has been approved for at least three sizable deployments. ShotSpotter ( SSTI ) is also noted by JMP to have new products that could diversify the revenue stream.

Based on the recent momentum and solid execution by ShotSpotter ( SSTI ) management, JMP Securities assigned a price target of $42 to SSTI.

Shares of ShotSpotter ( SSTI ) were up 6.36% to $35.46 at 11:30 a.m. on Wednesday with volume above normal activity. The 52-week high for the stock is $40.68.

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