Needham & Company Starts Adesto Technologies (IOTS) at Strong Buy

Needham & Company initiates coverage on Adesto Technologies (NASDAQ: IOTS) with a Strong Buy rating and a price target of $10.00.

Analyst Rajvindra Gill commented, "We are initiating coverage of Adesto Technologies with a Strong Buy and establishing a 12-month $10 price target. Adesto is a provider of low-powered, application-specific non-volatile memory solutions. In our view, Adesto supplies a crucial building block in the development of the IoT ecosystem: low-power, energy efficient memory. Revenue reached an inflection point in the most recent quarter and we forecast sales to grow 32% y/y and 49% y/y in 2016 and 2017, respectively, as the design wins enter production and new products are introduced. Furthermore, we see the company's CBRAM technology, which we expect to contribute to revenue toward the end of CY16, is an inexpensive “call option.” CBRAM is a new memory architecture that fundamentally changes how data is physically stored."

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

Shares of Adesto Technologies closed at $5.55 yesterday.

You May Also Be Interested In

• Loop Capital Starts DoorDash Inc. (DASH) at Buy, 'Category Killer with Stellar Execution'
• Piper Sandler Downgrades Magnolia Oil & Gas Corp. (MGY) to Neutral
• B.Riley Resumes PubMatic Inc (PUBM) at Buy