B.Riley FBR analyst Josh Nichols maintained a Buy rating on Immersion Corp (NASDAQ: IMMR) today and set a price target of $18. The company’s shares opened today at $10.97.
Nichols commented:
“Buy-rated Immersion (IMMR) reported 2Q revenue of $6.1M, below our $9.0M estimate as well as the consensus $9.6M. EBITDA of $(5.6M) also missed our and consensus $(2.8M) and $(3.0M), respectively. Following the adoption of ASC 606 at the start of 2018, IMMR’s fixed-fee licenses have magnified the variability of quarterly results. However, management reiterated FY18 guidance with revenues expected to be between $108M-$118M, and Non-GAAP net income of $59M-$67M (pro forma EPS of $1.92-$2.18). On 7/9, IMMR announced that it entered into a global settlement and licensing deal with Fitbit (FIT), which will be largely recognizable in 3Q, although we believe the deal was likely on the smaller side given that 2018 guidance was not increased.”
According to TipRanks.com, Nichols is a 5-star analyst with an average return of 29.4% and a 51.7% success rate. Nichols covers the Consumer Goods sector, focusing on stocks such as Adesto Technologies Corp, Pointer Telocation Ltd, and Horizon Global.
Currently, the analyst consensus on Immersion Corp is a Moderate Buy with an average price target of $17.50.
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Immersion Corp’s market cap is currently $432M and has a P/E ratio of 12.05. The company has a Price to Book ratio of 4.10.
Based on the recent corporate insider activity of 17 insiders, corporate insider sentiment is negative on the stock.
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Immersion Corp. engages in the creation, design, development and licensing of patented haptic innovations and software. The firm offers touch sense platform and design services. It focuses on the following target application areas: mobile devices, wearable, consumer, mobile entertainment and other content, console gaming, automotive, medical, and commercial.
