Roth Capital Maintains Buy On Adept Technology Following FQ1 Results
In a research report issued today, Roth Capital analyst Matt Koranda maintained a Buy rating on Adept Technology (NASDAQ:ADEP) with a $13 price target, following the company’s earnings results, posting inline FQ1 revenues of $14.4mn vs. consensus of $14.2mn and ROTHe of $14.4mn.
Koranda said, “While ADEP still faces headwinds in the U.S. market, the company was able to post 6.1% YoY sales growth, driven by strength in the European market (revenues +30.4% YoY). We remain constructive on shares of ADEP at current levels as we believe existing mobile trials with key customers have the potential to result in material purchase orders during the coming quarters.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Matt Koranda has a total average return of 2.4% and a 50.0% success rate. Koranda has a -22.3% average return when recommending ADEP, and is ranked #1837 out of 3362 analysts.