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Despite impressive earnings, I initiated coverage of Alarm.com in August of last year at $57 with a Neutral rating based on my concern about the strength of the competition.
The Neutral rating was a big mistake as the stock quickly proved me dead wrong and vaulted to $107 by January of this year.
ALRM shares have since retraced back to the current price of $88.
However, in my view, the shares are still overvalued based on FY21's expected growth rate and the competition.