Napco Security price target lowered to $48 from $55 at DA Davidson

DA Davidson lowered the firm’s price target on Napco Security (NSSC) to $48 from $55 after its Q1 earnings miss but keeps a Buy rating on the shares. The company’s Recurring Service Revenues rose a solid 22% and its Radio growth was “impressive”, while its overall radio demand appears robust with locking fundamentals still intact, the analyst tells investors in a research note. Napco’s balance sheet also continues to hold significant net cash and no debt, the firm added.