UPDATE: Piper Jaffray Starts Adept Technology (ADEP) at Overweight

(Updated - December 19, 2014 6:54 AM EST)

Piper Jaffray initiated coverage on Adept Technology (NASDAQ: ADEP) with an Overweight rating and a price target of $11.00.

Analyst Troy Jensen said, "We view ADEP as a well-positioned small cap company in the fast-growing industrial robotics market, which we believe is capable of seeing double-digit revenue growth for the foreseeable future. The company’s portfolio of fixed and mobile robots is providing an increasing number of industries with new and much more efficient manufacturing solutions. ADEP is expected to see 9.5% revenue growth in 2015 and accelerate significantly in 2016, and with one of the better margin profiles within its
comp group, we believe scale efficiencies will further accelerate the bottom line. We feel the current share price does not reflect the company’s true value and believe this is a good entry point. Our $11 dollar price target equates to 2.0x EV/S multiple based on our FY16 revenue estimate."

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

Shares of Adept Technology closed at $8.33 yesterday.

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