Energous (WATT): Exclusive Partnership with Dialog Semi Should Put to Rest Fears - Oppenheimer
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Oppenheimer analyst Andrew Uerkwitz reiterated an Outperform rating and $15 price target on Energous Corp (NASDAQ: WATT) after the company announced a $10M investment and exclusive partnership Dialog Semi, a leading provider of power management and BT technology to the mobile and IoT industries.
Uerkwitz commented, "Because Dialog was an early partner with Energous (link), we believe today's investment and partnership should put to rest any fears that Energous technology isn't viable. We believe Dialog has been working with Energous for several years and has had the closest look at the technology and the opportunity. While there are still hurdles (FCC approval and moving from near field to far field), we believe this is the biggest validation to date and see it as a significant milestone."
Shares of Energous Corp closed at $12.98 yesterday.
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