In a report released today, Tim Savageaux from Northland Securities maintained a Buy rating on Emcore Corp (EMKR), with a price target of $6. The company’s shares opened today at $3.25, equals to its 52-week low of $3.25.
Savageaux observed:
“We reiterate our OP rating and $6 PT. Key Points EMKR guided the acquisition to be accretive by the end of the corporate average and an end market focus on tactical defense navigation with a similar base of customers (Raytheon, Lockheed) as well as emerging commercial aviation exposure (Boeing 777X). SDI is based in Concord, CA with 140 employees half of whom are engaged in manufacturing in the company’s owned 100,000 sq foot facility valued at an estimated $13.5M by EMKR.”
According to TipRanks.com, Savageaux is a 2-star analyst with an average return of 0.5% and a 43.9% success rate. Savageaux covers the Consumer Goods sector, focusing on stocks such as MACOM Technology Solutions Holdings Inc, DASAN Zhone Solutions Inc, and Applied Optoelectronics.
Currently, the analyst consensus on Emcore Corp is a Strong Buy with an average price target of $5.87, an 80.6% upside from current levels. In a report released today, Lake Street also reiterated a Buy rating on the stock with a $6 price target.
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Based on Emcore Corp’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $4.99 million. In comparison, last year the company had a GAAP net loss of $3.07 million.
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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.
