Oppenheimer Raises price Target on Energous (WATT) to $15 Following 2Q; Reiterates Outperform
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Oppenheimer reiterated an Outperform rating on Energous Corp (NASDAQ: WATT), and raised the price target to $15.00 (from $13.00), following the company's 2Q earnings report. WATT posted revenues of $182K engineering product development revenues. Total opex were $10.5M, slightly down Q/Q. GAAP EPS and non-GAAP EBITDA were ($0.62) and ($8.5M), compared to ($0.55)/($7.0M) forecasts.
Analyst Andrew Uerkwitz commented, "Energous reported 2Q16 results on 8/9 after the bell, and we had the opportunity to host Energous CEO Steve Rizzone at Oppenheimer's 19th annual Technology, Internet & Communications Conference. We had previously been concerned with WATT's cash balance/burn rate, but a $20M investment from Ascend Capital (1.6M shares @ $12.36, warrant for 1.6M strike $23) should alleviate pressure and facilitate the expansion of targeted potential licensees. With the expensive third-party chip development costs out of the way and first shipments expected late 4Q/early 1Q17, the next four quarters are set up nicely for shrinking losses on the way to management's expected 3Q17 CF breakeven. We raise our PT to $15 (from $13) and reiterate Outperform."
Shares of Energous Corp closed at $13.60 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
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