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 closed yesterday at $3.76, close to its 52-week low of $3.52.
Savageaux commented:
“We see more positives than negatives in EMKR’s FQ2 report and outlook, with industrywide weakness in Cable spend impacting our outlook for Q3 and FY19, though in our view the shares attribute zero value to the segment at current levels. More notably was meaningful strength in Chip segments, 51% of revs in the aggregate in FQ2 along with solid progress in GMs. We reiterate our OP rating with our PT down to $6 on lower cash levels.”
According to TipRanks.com, Savageaux is a 4-star analyst with an average return of 5.5% and a 53.2% 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.
Emcore Corp has an analyst consensus of Moderate Buy, with a price target consensus of $5.73.
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The company has a one-year high of $5.65 and a one-year low of $3.52. Currently, Emcore Corp has an average volume of 178.5K.
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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.
