Adesto Technologies Corp Receives a Rating Update from a Top Analyst

In a report released today, Rajvindra Gill from Needham maintained a Buy rating on Adesto Technologies Corp (NASDAQ: IOTS), with a price target of $12. The company’s shares opened today at $8.75.

Gill noted:

“Adesto posted a strong print and guide. The core business grew 35% Y/Y, representing four quarters of 30%+ Y/Y growth. Adesto also announced STMicro, designing around Exochip, the second MCU customer, demonstrating the value of Adesto’s memory expertise. Company also announced the acquisition of S3, RF ASICs for industrial IoT , for $35MM in cash. We like the acquisition as it is gross margin accretive, adds to the topline (expect to grow 30%), and expands into the industrial IoT market, where design cycles are longer and stickier. With the core business growing, a solid design win pipeline in smart home market (Data Flash-L), and stable GMs, we increase our PT to $12.”

According to TipRanks.com, Gill is a top 100 analyst with an average return of 21.0% and a 66.8% success rate. Gill covers the Consumer Goods sector, focusing on stocks such as Everspin Technologies Inc, Smart Global Holdings Inc, and Silicon Laboratories.

Adesto Technologies Corp has an analyst consensus of Strong Buy, with a price target consensus of $10.17.

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The company has a one-year high of $9.95 and a one-year low of $4. Currently, Adesto Technologies Corp has an average volume of 147.8K.

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Adesto Technologies Corp. engages in the development, manufacture, and market of non-volatile memory (NVM) products. It offers conductive-bridging random access memory, DataFlash, Mavriq Medical, Moneta ultra low power NVM, power line communication, embedded licensing, and boot memory.