Chardan Capital analyst James McIlree reiterated a Buy rating on Vuzix Corporation (VUZI) today and set a price target of $10. The company’s shares closed yesterday at $2.63, close to its 52-week low of $2.31.
McIlree commented:
“We continue to expect revenue in 2019 of $14 million and reiterate our Buy recommendation and $10 price target. Opex was higher than we forecast, at $6.4 million, versus our $5.1 million estimate. The company was burdened by trade show costs and consulting fees that will not be repeated in the remaining quarters of the year. Vuzix remains committed to eliminating $4 million of annual opex by year end. We have Q2 revenue of $2.5 million, increasing to $4 million in Q3 and $6 million in Q4. There is good visibility to Q2 revenues with bookings to date already approaching 60% of our Q2 target.”
According to TipRanks.com, McIlree is a 1-star analyst with an average return of -3.3% and a 42.5% success rate. McIlree covers the Consumer Goods sector, focusing on stocks such as Foresight Autonomous Holdings Ltd, KEYW Holding, and Arcimoto Inc.
Vuzix Corporation has an analyst consensus of Strong Buy, with a price target consensus of $8.67, implying a 229.7% upside from current levels. In a report released today, Maxim Group also reiterated a Buy rating on the stock with a $8 price target.
See today’s analyst top recommended stocks >>
Based on Vuzix Corporation’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $5.56 million. In comparison, last year the company had a GAAP net loss of $5.37 million.
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.
Vuzix Corp. engages in the design, manufacture, marketing, sale, and supply of augmented reality wearable display devices. Its products include personal display and wearable computing devices that offer users a portable viewing experience, provide solutions for mobility, wearable displays and virtual and augmented reality.
