Kornit Digital Ltd. (KRNT) PT Raised to $46 at Needham & Company

Needham & Company analyst James Ricchiuti raised the price target on Kornit Digital Ltd. (NASDAQ: KRNT) to $46.00 (from $35.00) while maintaining a Buy rating.

The analyst commented, "Ahead of participation in the Impressions Expo Long Beach trade show last weekend, KRNT at last week’s Needham Growth Conference took the wraps off two new products targeting the entry-level and high volume direct to garment (DTG) market, solidifying its leadership position, in our view, in the DTG market. Mgmt touched on several trends and drivers already familiar to KRNT investors during its NGC presentation, including the ongoing move to short-run textile manufacturing by major retailers and brands and their growing focus on sustainability. With these growth drivers firmly in place, its product portfolio as strong as it's ever been, in our view, and with KRNT poised to move forward with two separate acquisitions, in the areas of customer workflow and automation, we came away more optimistic about KRNT’s growth potential. Reiterate Buy."

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