Needham & Company Starts Digimarc (DMRC) at Buy
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Needham & Company initiates coverage on Digimarc (NASDAQ: DMRC) with a Buy rating and a price target of $46.00.
Analyst James Ricchiuti commented, "A pioneer in the development of proprietary digital watermarking technology, DMRC successfully drove adoption of this technology in a variety of markets, including banknotes and secure driver's licenses. After divesting the driver's license business in 2008, DMRC has been working to commercialize the next major application of its digital watermarking technology, the Digimarc Barcode in retail and consumer product goods applications. While timing of the market's adoption of this technology is difficult to project, the ecosystem is in place, use cases are being established and the likelihood of new partners and customers over the next 1-2 years reinforce our view that an inflection point for DMRC’s technology is a matter of when, not if."
Shares of Digimarc closed at $37.65 yesterday.
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