In a report released today, Dave Kang from B.Riley FBR reiterated a Buy rating on Emcore Corp (EMKR), with a price target of $5.60. The company’s shares closed yesterday at $3.76, close to its 52-week low of $3.52.
Kang commented:
“BMO, EMCORE Corp. (EMKR) reported its F2Q/F3Q revenue print/outlook below our/consensus estimates due to a seasonality in the cable television (CATV) segment. For F2Q, revenue/EPS came in at $21.7M/$(0.07), mixed versus our estimates of $22.2M/$(0.10) and consensus at $22.4M/$(0.10). The CATV segment weighed on results as key MSO customers were slow to deploy network capex. For F3Q, revenue guidance was $21.0M-$23.0M, below our/consensus estimates of $24.5M/$25.1M as CATV trends from F2Q carried into F3Q although have started to improve. The non-CATV segment (Chips/Navigation/Satcom) represented 51% of total revenue an important milestone for management’s diversification efforts over the past three years.”
According to TipRanks.com, Kang is a 5-star analyst with an average return of 20.5% and a 66.0% success rate. Kang covers the Consumer Goods sector, focusing on stocks such as Applied Optoelectronics, Acacia Communications, and Luna Innovations Inc.
Emcore Corp has an analyst consensus of Moderate Buy, with a price target consensus of $5.80, a 54.3% upside from current levels. In a report released today, Northland Securities also maintained a Buy rating on the stock with a $6 price target.
See today’s analyst top recommended stocks >>
The company has a one-year high of $5.65 and a one-year low of $3.52. Currently, Emcore Corp has an average volume of 178.5K.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
EMCORE Corp. engages in the manufacture and provision of mixed-signal optics products. It offers catv broadband transport and access; lasers and components; chip level devices; satellite RF fiber optic transport; wireless/distributed antenn systems; microwave components; and fiber optics gyros, sensors, and navigation systems.
