Chardan Capital Markets Remains Bullish on Vuzix Corp. (VUZI) as Intel Steps Back Relationship
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Chardan Capital Markets reiterated a Buy rating and $10.00 on Vuzix Corp. (NASDAQ: VUZI) following the company's 8K filing indicating that it has received a letter from Intel stating Intel’s strategic plans had changed. Intel will no longer be pursuing a strategic relationship with Vuzix.
Analyst James McIlree commented, "Vuzix filed an 8K indicating it received a letter from Intel stating Intel’s strategic plans had changed and would not pursue a strategic relationship with Vuzix going forward and would look to dispose of its investment in an orderly manner. In some ways this is disappointing since some close to the company had been hinting for some time Intel was looking to tighten its relationship with Vuzix. On the other hand the reality of the relationship has been quite different and disappointing to most investors that more hasn’t happened between the two. This now frees Vuzix to pursue relationships with other partners that have indicated interest in closer collaboration with Vuzix, but have been stymied by the moribund Intel relationship. The initial reaction will likely be negative, in the intermediate term there is likely to be no change and in the longer term the company could benefit."
Shares of Vuzix Corp. closed at $8.20 yesterday.
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