Foster Stockbroking has got their eye on these 3 speculative small caps.
Find out why this broker thinks they should be on your watchlist, below.
Nearmap Ltd (ASX: NEA)
Geospatial map technology provider Nearmap Ltd has been gaining the attention of brokers for its strong share price rally and, more recently, its March quarter results.
Nearmap works with organisations of all sizes across the building, construction, architecture, engineering and government sectors, among others.
According to Foster, Nearmap is now a buy, after the broker placed a price target of $1.59 on the stock which is down 1% to 89c per share at the time of writing.
Foster believe large US enterprises will continue to drive sales and opportunity for Nearmap after the company reported its US annualised contract value (ACV) portfolio exceeded US$10 million – in line with Foster’s estimate of US$10.2 million.
Nearmap said its March quarter growth was primarily driven by large enterprise customers as the company has made significant inroads in the US aerial imagery market with a growth acceleration strategy in the market bolstered by the appointment of a dedicated US enterprise customers general manager.
The Fosters broker maintains confidence in Nearmap’s product offerings and labels the company as having “strong growth prospects” with diverse geographies now facilitating growth in subscriptions globally.
