In a report released today, Tim Savageaux from Northland Securities maintained a Buy rating on Emcore Corp (EMKR), with a price target of $5. The company’s shares closed yesterday at $3.29, close to its 52-week low of $3.14.
Savageaux wrote:
“We view both of these issues as short term in nature and/or not fundamentally linked to the EMKR narrative going forward, with Cable capex weakness broadly in evidence among most industry suppliers (COMM CASA Huawei issue now heading toward resolution. We also maintain our view that even prior to the pre announce the company’s CATV optics unit, currently likely annualizing around $40M given the miss, is accorded zero value in the company’s $70M enterprise value as of the close. That is about the run rate of the company’s non CATV units including SDI more than half of which is fiber and crystal gyroscope driven focused on Defense Navigation markets.”
According to TipRanks.com, Savageaux is a 3-star analyst with an average return of 2.2% and a 50.0% 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 Emcore Corp with a $5.53 average price target.
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Based on Emcore Corp’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $4.99 million. In comparison, last year the company had a GAAP net loss of $8.41 million.
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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.
