Needham & Company Starts Rogers Corp (ROG) at Buy
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Needham & Company initiates coverage on Rogers Corp (NYSE: ROG) with a Buy rating and a price target of $70.00.
Analyst Sean K.F. Hannan commented, ": We are initiating coverage of Rogers Corp with a Buy rating and $70 price target. In our view, ROG is an attractive materials technology name that combines: (1) an opportunistic entry point; (2) a revenue acceleration story; (3) a margin expansion story; and (4) a well-run strategy to dominate niche markets with innovative technology. Over the medium term, we expect to see Rogers make healthy progress back toward its 3-pronged target model and drive strong earnings growth given what should materialize as favorable y/y comps. Our $70 target reflects an 18.5x multiple on C17 that's in-line with ROG's 10-yr avg and only a slight premium to where our selected comp group already trades today."
Shares of Rogers Corp closed at $56.23 yesterday.
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