iRobot Corp. (IRBT): Raising PT After NDR - Needham
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Needham & Company analyst, James Ricchiuti, reiterated his Buy rating on shares of iRobot Corporation (NASDAQ: IRBT) and raised the price target to $46 from $42 after hosting a Non Deal Roadshow with management.
The analyst sees multiple avenues that could allow the company to deliver positive surprises in the consumer business, including core Roomba sales and sales in the emerging wet-floor care category and now thinks his estimate for 13% growth consumer robot business in 2016 could prove conservative.
The $46 target price translates to 19x an increased 2017 EPS adding back net cash.
Shares of iRobot Corporation closed at $39.31 yesterday.
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