There’s a lot to be optimistic about in the Consumer Goods sector as 3 analysts just weighed in on Identiv (INVE), Plug Power (PLUG) and Methode Electronics (MEI) with bullish sentiments.
Identiv (INVE)
In a report released today, Michael Latimore from Northland Securities maintained a Buy rating on Identiv, with a price target of $10. The company’s shares opened today at $6.03.
According to TipRanks.com, Latimore is a 5-star analyst with an average return of 14.6% and a 57.9% success rate. Latimore covers the Technology sector, focusing on stocks such as Everbridge Inc, Veritone Inc, and Orbcomm Inc.
Identiv has an analyst consensus of Strong Buy, with a price target consensus of $9.33, implying a 54.7% upside from current levels. In a report released today, Maxim Group also reiterated a Buy rating on the stock with a $9 price target.
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Plug Power (PLUG)
B.Riley FBR analyst Carter Driscoll maintained a Buy rating on Plug Power today and set a price target of $3.50. The company’s shares opened today at $1.94.
Driscoll said:
“We arrive at our $3.50 price target by applying an approximate 3.0x revenue multiple to our 2019 GAAP revenue estimate of $235 million. This is towards the middle of the range, versus other public fuel cell companies that trade at 2x–4x, and we justify the multiple due to the dominant position in North America, its substantial number of units deployed (versus competitors), and limited competition. Risks Early-stage growth company. Plug Power is still in the very early stages of its growth curve, and future improvements in profitability and cash flow are highly dependent on the continued transition of large forklift fleets to fuel cell–based solutions. Any delay in the pace of new orders could have a negative impact on the company’s profitability and cash flow.”
According to TipRanks.com, Driscoll has 0 stars on 0-5 star ranking scale with an average return of -7.5% and a 33.8% success rate. Driscoll covers the Industrial Goods sector, focusing on stocks such as Ballard Power Systems, Amer Superconductor, and Ceco Environmental.
Currently, the analyst consensus on Plug Power is a Strong Buy with an average price target of $2.86, implying a 47.4% upside from current levels. In a report released yesterday, Oppenheimer also maintained a Buy rating on the stock with a $2.50 price target.
Methode Electronics (MEI)
In a report released today, Christopher Van Horn from B.Riley FBR reiterated a Buy rating on Methode Electronics, with a price target of $42. The company’s shares opened today at $30.31.
Van Horn wrote:
“Methode Electronics (MEI) reported F3Q19 earnings (March 7, before market) that exceeded our expectations and increased its FY19 earnings guidance, in our view, due to specific improvements to the outlook for its cost profile. While sales in the quarter were a bit lower than modeled, and while the company now expects to finish FY19 at the low end of its sales guidance, we believe that these factors have been largely priced into shares over the last few months based on negative revisions to industry-level auto production expectations. MEI continues to have a predominantly light truck focused revenue profile in North America, but it has passenger car exposure in Europe and Asia, and that was a source of incremental headwinds during F3Q19.”
According to TipRanks.com, Horn is a 4-star analyst with an average return of 3.2% and a 48.9% success rate. Horn covers the Consumer Goods sector, focusing on stocks such as Espey Mfg & Electronics, Hickok Incorporated, and Cooper Tire Rubber.
Currently, the analyst consensus on Methode Electronics is a Moderate Buy with an average price target of $38.50, representing a 27.0% upside. In a report released today, Craig-Hallum also upgraded the stock to Buy with a $42 price target.
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