Chardan Capital Markets Reiterates Buy on Vuzix Corp. (VUZI) Following 3Q
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Chardan Capital Markets reiterated a Buy rating and $10.00 price target on Vuzix Corp. (NASDAQ: VUZI) following the company's 3Q earnings report. The company is also finishing up approvals for the M300 and expects to begin volume shipments as early as this month in the US and Europe. VUZI believes that the market for the M300 is “at least” 10 times
larger than the M100 and the roll-out of the M300 will be much faster than the M100 because of the greater reach of the company’s distribution and a more evolved ecosystem of applications.
Analyst James McIlree commented, "Vuzix shares were off yesterday after the company reported Q3 revenue a bit better than expected. We view the dip as an attractive entry point for the shares. Our thesis on the stock is unchanged: 1) the company is the leader in the nascent smart glasses space. 2) the technology has the potential to transform and increase productivity in many different industries 3) the technology can become the basis for a new consumer and business platform for communications and 4) because of the above the potential market is extremely large and has driven private market valuations for companies in the space to multi-billion dollar levels. For instance, Oculus Rift was acquired for $2.3 billion and Magic Leap’s last round was at a $4.5 billion valuation."
Shares of Vuzix Corp. closed at $7.40 yesterday.
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