Kornit Digital Gets a Buy Rating from Canaccord Genuity

Canaccord Genuity analyst Robert Burleson maintained a Buy rating on Kornit Digital (NASDAQ: KRNT) yesterday and set a price target of $18. The company’s shares opened today at $15.50.

Burleson observed:

“We are adjusting our estimates slightly following Q1 upside, as we take revenues to the mid point of Q2 guidance. KRNT’s bookings at a key large customer have picked up substantailly while Avalanche HD demand is strong across a broad range of customers who are able to pull screen printing production in house due to the improved economics. Importantly, margins should trend positively on slowing opex and better services gross margins as overall revenue growth approaches 30%. Our price target remains $18.”

According to TipRanks.com, Burleson is a 5-star analyst with an average return of 12.3% and a 59.4% success rate. Burleson covers the Consumer Goods sector, focusing on stocks such as Ipg Photonics Corp, Faro Technologies, and Cognex Corp.

Kornit Digital has an analyst consensus of Moderate Buy, with a price target consensus of $18.

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Based on Kornit Digital’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $369K. In comparison, last year the company had a GAAP net loss of $1.74 million.

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Kornit Digital Ltd. engages in the development, manufacture, and marketing of industrial and commercial printing solutions for the garment, apparel, and textile industries. It offers printing solutions for apparel, polyester, sportswear, beachwear, accessories, paradigm shirt, textiles, curtains, cushions and couches.