In a report released today, Quinn Bolton from Needham assigned a Buy rating to Aquantia Corp (NYSE: AQ), with a price target of $18. The company’s shares closed yesterday at $10.66.
Bolton observed:
“AQ reported in-line 3Q18 results and provided a lighter than expected 4Q18 guide due to an inventory build in the DC segment. In Enterprise, AQ continues to see growing adoption of Multi-Gig Ethernet networking systems.The Access segment declined Q/Q due to order fluctuations within the SP segment, partially offset by growth in the PC client segment. DC revenue is now expected to be down Y/Y in 2018 due to elevated inventory at AQ’s largest DC customer. AQ also announced new DC switch design wins, expected to ramp in 2H19, which will help diversify this business away from its largest customer. While the company is positioned to grow revenue ~20% in 2018 and 2019, we reduce our 12-month PT to $18 to reflect lower estimates and more conservative valuations in the semiconductor industry.”
According to TipRanks.com, Bolton is a 5-star analyst with an average return of 13.9% and a 60.9% success rate. Bolton covers the Consumer Goods sector, focusing on stocks such as MACOM Technology Solutions Holdings Inc, Sequans Communications S A, and Quantenna Communications.
Aquantia Corp has an analyst consensus of Strong Buy, with a price target consensus of $18, which is a 68.9% upside from current levels. In a report issued on October 15, BWS Financial also initiated coverage with a Buy rating on the stock with a $21 price target.
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The company has a one-year high of $18.49 and a one-year low of $9.01. Currently, Aquantia Corp has an average volume of 227.4K.
Based on the recent corporate insider activity of 22 insiders, corporate insider sentiment is negative on the stock.
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Aquantia Corp. engages in design, development and marketing of communications integrated circuits, or ICs, for ethernet connectivity in the data center, enterprise infrastructure and access markets. Its products include corporate data center, client connectivity and enterprise infrastructure.
