Resonant Receives a Rating Update from a Top Analyst

Needham analyst Quinn Bolton reiterated a Buy rating on Resonant (NASDAQ: RESN) today and set a price target of $6. The company’s shares closed yesterday at $4.20.

Bolton wrote:

“RESN reported 1Q18 revenue in line with our estimate after adjusting for licensing revenue recognition changes due to ASC 606. More importantly, management now expects revenue to reach the mid-single-digit range in 2018 vs. prior guidance for royalty revenue to exceed seven figures by 4Q18. With ISN-designed filters already shipping today in two Samsung smartphones, we find management’s 2018 revenue guidance to be an encouraging indication of meaningful progress on the 2H18 ramp of customer qualified designs. For the time being, we are maintaining our $2.5MM revenue estimate for 2018, which could prove conservative should management meet its new revenue guidance, but are modestly increasing our OPEX assumptions as management invests in the business. We reiterate our Buy rating and $6.00 PT .”

According to TipRanks.com, Bolton is a top 100 analyst with an average return of 16.3% and a 67.5% success rate. Bolton covers the Consumer Goods sector, focusing on stocks such as MACOM Technology Solutions Holdings Inc, Sequans Communications S A, and Quantenna Communications.

Currently, the analyst consensus on Resonant is Strong Buy and the average price target is $7.40, representing a 76.2% upside.

In a report released today, Drexel Hamilton also reiterated a Buy rating on the stock with a $8 price target.

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Based on Resonant’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $8.31 million. In comparison, last year the company had a GAAP net loss of $4.89 million.

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Resonant, Inc. operates as a development-stage company, which engages in the creation of filter designs for radio frequency front-ends for the mobile device industry. Its products include the Infinite Synthesized Networks. Infinite Synthesized Networks designs complex filter products.