Emcore Corp (EMKR) received a Buy rating and a $4.20 price target from B.Riley FBR analyst Dave Kang today. The company’s shares closed yesterday at $3.08, close to its 52-week low of $2.68.
Kang said:
“On Thursday (8/8) pre-market, EMCORE Corp. (EMKR) reported its F3Q results of $17.2M/ $(0.18), compared with consensus estimates of $17.2M in sales and $(0.14) in EPS. The F4Q revenue outlook of $22M-$24M was below consensus of $25.4M. Based on the latest outlook, Nav has taken over as the biggest revenue generator (well over 50% of sales) since CATV has declined precipitously in recent quarters. As such, CATV’s cyclical and volatile nature of the business will no longer dictate EMKR’s financial performance. Furthermore, the company has re-balanced its laser chip business, focusing more on high-end devices such as high-speed chips for datacenters and 5G while de-focusing on low-margin low growth GPON.”
According to TipRanks.com, Kang is a 5-star analyst with an average return of 19.6% and a 62.7% success rate. Kang covers the Consumer Goods sector, focusing on stocks such as DASAN Zhone Solutions Inc, Applied Optoelectronics, and Acacia Communications.
Currently, the analyst consensus on Emcore Corp is a Strong Buy with an average price target of $4.73, implying a 53.6% upside from current levels. In a report released today, Northland Securities also assigned a Buy rating to the stock with a $5 price target.
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The company has a one-year high of $5.54 and a one-year low of $2.68. Currently, Emcore Corp has an average volume of 124.9K.
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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.
