There’s a lot to be optimistic about in the Consumer Goods sector as 2 analysts just weighed in on Harmonic Inc (HLIT) and Akoustis Technologies (AKTS) with bullish sentiments.
Harmonic Inc (HLIT)
Northland Securities analyst Tim Savageaux maintained a Buy rating on Harmonic Inc today and set a price target of $8.50. The company’s shares closed yesterday at $5.98, close to its 52-week high of $6.32.
Savageaux noted:
“We believe associated hardware/node revenue could add substantially to this amount, and increase our PT to $8.50 given this validation of HLIT’s leadership in next gen cable access. Key Points Historically we have used a rule of thumb metric for Cable Access deployments of roughly 2X low margin Remote PHY node revenue to 1X high margin network core/software revenue. Applying this to the roughly $40M in annual software license revenue from Comcast specified in the filing for the 2020-2022 time period, with $50M to be recognized in CY19 yields a total annual revenue contribution from $120M range, about in line with the $100M estimated going back to the original 2016 agreement . The agreement also included the issuance of 7.8M in warrants to $4.76 strike, all of which are deemed to be vested currently according to the filing.”
According to TipRanks.com, Savageaux is a 3-star analyst with an average return of 2.0% and a 51.6% 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.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Harmonic Inc with a $7.42 average price target.
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Akoustis Technologies (AKTS)
In a report released today, Gus Richard from Northland Securities upgraded Akoustis Technologies to Buy, with a price target of $7.40. The company’s shares closed yesterday at $5.32.
According to TipRanks.com, Richard is a 5-star analyst with an average return of 22.9% and a 65.5% success rate. Richard covers the Consumer Goods sector, focusing on stocks such as Adesto Technologies Corp, SolarEdge Technologies, and Axcelis Technologies.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Akoustis Technologies with a $9.80 average price target.
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