Needham & Company Raises Price Target on FLIR Systems (FLIR) Following Acquisition Announcement
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Needham & Company reiterated a Buy rating on FLIR Systems, Inc. (NASDAQ: FLIR), and raised the price target to $40.00 (from $36.00), following the company's announced acquisition of Norwegian micro-drone company, Prox Dynamics, for $134M. Dynamics was founded in 2007 and has been a leader in developing extremely lightweight aerial sensors, controllers, and related software that can be used by soldiers in the field for situational awareness and mission planning.
Analyst James Ricchiuti commented, "FLIR earlier today announced the acquisition of a Norwegian micro-drone company, Prox Dynamics, for $134M. Prox Dynamics has developed and sold innovative nano drones to a number of NATO countries. The company has consistently been highlighted as a technology leader in micro-robotics and was an early adopter of FLIR’s Lepton thermal imaging camera core technology. FLIR did not disclose revs for Prox Dynamics, which we believe are modest. We believe the acquisition establishes FLIR as major player in the burgeoning military market for micro drones. Together with the purchase earlier this quarter of Point Grey Research, a supplier of high-end digital cameras for commercial machine vision applications, we believe FLIR had added key technologies that could be important growth catalysts over the next few years. Reiterate Buy."
Shares of FLIR Systems, Inc. closed at $35.25 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change, Mergers and Acquisitions
Related EntitiesNeedham & Company, Definitive Agreement
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