Alarm.com price target lowered to $73 from $78 at Roth MKM

Roth MKM lowered the firm’s price target on Alarm.com to $73 from $78 but keeps a Buy rating on the shares ahead of its Q3 results. The firm notes that its channel checks suggest 270 bps upside relative to its core SaaS growth estimate of 3.8%, with commercial checks indicating that growth remains more elevated than residential levels, the analyst tells investors in a research note. Loop adds that it sees Alarm.com’s hardware business coming in better than estimated, but still “flat to modestly down” vs. last year. The firm notes however that the stock remains ” undervalued relative to its growth prospects”.