Roth Capital Maintains Buy On Adept Technology, Lowers PT To $13
In a research note published today, Roth Capital analyst Matt Koranda maintained a Buy rating on Adept Technology Inc. (NASDAQ: ADEP) and decreased his price target to $13 (from $20), following the company’s release of its FQ4 results, where the company fell short of expectations.
Koranda wrote, “FQ4 was disappointing and commentary on the North American market, especially fixed robotics, was muted. We expect this to drive near-term weakness in shares of ADEP. We remain constructive over a longer time horizon, however, as we believe the company’s other key geographies (Europe and Asia) and the mobile segment remain relatively strong. Additionally, we were encouraged by ADEP’s long-term (4-6 year) financial targets, which imply a mid-point 28% revenue CAGR.” Koranda added, “We were encouraged, however, by some strong data points, including new mobile customers, healthy growth in Europe, and attractive LT revenue and operating margin targets. As a result, we remain constructive on shares of ADEP over a longer time horizon.”
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 7.5% and a 100% success rate. Koranda is ranked #2134 out of 3261 analysts.