In a report released today, Amit Dayal from H.C. Wainwright maintained a Buy rating on Orion Energy Systems (OESX), with a price target of $4.50. The company’s shares closed yesterday at $2.72.
Dayal wrote:
“We believe Orion’s stronger-than-expected quarterly results were largely supported by deliveries against the $100M follow- on turnkey LED order received earlier in the year. In line with this, management has maintained the $135-145M annual revenue guidance range for FY2020. However, we believe this guidance may prove conservative, and are now increasing our FY20 revenue estimate to $147.9M vs. $140.0M, previously. Management is expecting first half of the fiscal year to be stronger than the second half, given the expected deployment schedule. Accordingly, we are adjusting our revenue and earnings expectations to reflect this. We were pleased to see gross margins for the quarter at 24.3% beat our expectations of 22.4%.”
According to TipRanks.com, Dayal is a 4-star analyst with an average return of 3.7% and a 44.6% success rate. Dayal covers the Industrial Goods sector, focusing on stocks such as Advanced Emissions Solutions, Inc., Ballard Power Systems, and Loop Industries Inc.
Currently, the analyst consensus on Orion Energy Systems is a Moderate Buy with an average price target of $4.25, representing a 56.3% upside. In a report released yesterday, Craig-Hallum also maintained a Buy rating on the stock with a $4 price target.
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Based on Orion Energy Systems’ latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $3.97 million. In comparison, last year the company had a GAAP net loss of $2.69 million.
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Orion Energy Systems, Inc. engages in the design, development, and trade of lighting systems, and retrofit lighting solutions. It operates through the following segments: U.S. Markets (USM); Orion Engineered Systems (OES), and Orion Distribution Services (ODS).
