Nlight (LASR) PT Raised to $19 at Needham & Company

Needham & Company analyst James Ricchiuti raised the price target on Nlight (NASDAQ: LASR) to $19.00 (from $16.00) while maintaining a Buy rating.

The analyst commented, "In a move that raises its profile in the defense business, LASR after the close announced the completion of the acquisition of Nutronics, a privately held developer of coherently combined lasers and beam control systems for high-energy laser (HEL) systems. Total consideration includes $17.5M of cash and $15.8M of restricted stock units (RSUs) that will be issued as part of ongoing employment agreements. LASR expects Nutronics to add $25M-$40M to revs in 2020. The financial metrics are not as important, in our view, as the strategic implications of LASR moving beyond being a diode supplier for defense applications to developing its own high-value directed energy products at a time when the HEL market is poised for rapid growth. LASR’s growing defense business should also help to offset the recent macro weakness in its other verticals."

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