UPDATE: Ascendiant Capital Starts Neonode (NEON) at Buy

March 11, 2014 7:55 AM EDT
Get Alerts NEON Hot Sheet
Price: $1.71 +1.18%

Rating Summary:
    3 Buy, 0 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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(Updated - March 11, 2014 9:42 AM EDT)

Ascendiant Capital initiated coverage on Neonode (NASDAQ: NEON) with a Buy rating and a price target of $11.25. Analyst Cody G. Acree believes the company provides the cheapest, most reliable and proven way to add touch functionality.

"We believe NEON stands the best chance of all the ITO (indium tin oxide) alternative companies to first reach meaningful profitability as its products are tested and proven in millions of consumer devices already in the market, it is Windows 8 certified, its license/NRE model eliminates the risk of stalled manufacturing ramps, and its technology offers the option to add touch capability to new & existing markets for a fraction of other ITO-alternatives."

"We believe the firm is steadily building a stronger customer base, moving away from only niche eReaders and childrens' tablets to mainstream printers, PCs, monitors, and broad automotive applications. All of this takes time, and we believe many short-term investors have had difficulty waiting for the story to mature. The delays and drama from companies such as UniPixel have only created more uncertainty among investors regarding the investability of ITO-replacement companies," he added.

For an analyst ratings summary and ratings history on Neonode click here. For more ratings news on Neonode click here.

Shares of Neonode closed at $7.03 yesterday.

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