Needham analyst Quinn Bolton assigned a Buy rating to Aquantia Corp (AQ) today and set a price target of $18. The company’s shares opened today at $10.42.
Bolton said:
“Mark Voll, CFO, participated in a fireside chat at Needham’s Networking, Communications & Security Conference where discussions focused on AQ’s near term Data Center outlook as well as future growth in its Automotive businesses. Despite the near term impact in the company’s Data Center business following an inventory build at Intel, management continues to see growth in the Enterprise and Access businesses as its 2019 top-line growth drivers and reiterated its expectation to grow revenue by 20% in 2019. Automotive remains on track to become a large revenue contributor beginning in 2020 and management continues to believe the Automotive segment offers the largest revenue opportunity for AQ longer term. We remain buyers of AQ with an $18 PT , based on an enterprise value equal to 3.0x our 2020 Sales estimate.”
According to TipRanks.com, Bolton is a 5-star analyst with an average return of 13.0% and a 61.3% success rate. Bolton covers the Consumer Goods sector, focusing on stocks such as Sequans Communications S A, Quantenna Communications, and Integrated Device Tech.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Aquantia Corp with a $14.25 average price target.
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Based on Aquantia Corp’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $2.07 million. In comparison, last year the company had a GAAP net loss of $1.01 million.
Based on the recent corporate insider activity of 24 insiders, corporate insider sentiment is negative on the stock.
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Aquantia Corp. engages in design, development and marketing of communications integrated circuits, or ICs, for ethernet connectivity in the data center, enterprise infrastructure and access markets. Its products include corporate data center, client connectivity and enterprise infrastructure.
