Needham analyst Rajvindra Gill maintained a Buy rating on Everspin Technologies Inc (MRAM) today and set a price target of $14. The company’s shares closed yesterday at $7.66.
Gill noted:
“MRAM reported a strong 3Q18, with meaningful growth from its main MRAM products, Toggle and STT-MRAM. The company announced a joint agreement with SilTerra that will further accelerate Toggle production in the future. Also STT-MRAM is becoming more widely accepted as evidenced by the showcasing of MRAM’s products from IBM’s FlashSystem 9100 all-flash array at the recent MRAM’s collaboration with Smart Modular to develop a STT- MRAM nvNITRO storage accelerator. Baseline yields have improved on the core products and we expect gross margins to recover back to normal levels (50-56%) in 4Q.”
According to TipRanks.com, Gill is a 5-star analyst with an average return of 14.2% and a 54.4% success rate. Gill covers the Consumer Goods sector, focusing on stocks such as Smart Global Holdings Inc, Adesto Technologies Corp, and Silicon Laboratories.
Everspin Technologies Inc has an analyst consensus of Moderate Buy, with a price target consensus of $14.
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Based on Everspin Technologies Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $6.6 million. In comparison, last year the company had a GAAP net loss of $5.45 million.
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Everspin Technologies, Inc. engages in the provision of magnetoresistive random access memory (MRAM) solutions. Its products store data as a magnetic state and is offered as either a discrete or embedded solution.
