Nlight (LASR) PT Raised to $24 at Needham & Company

Needham & Company analyst James Ricchiuti raised the price target on Nlight (NASDAQ: LASR) to $24.00 (from $17.00) while maintaining a Buy rating.

The analyst commented, "LASR after the close reported Q1 revenue and adj. EBITDA that was above the high end of guidance and provided better-than-expected Q2 guidance. The upside performance was driven in part by a less severe manufacturing supply chain disruption in China. Consistent with commentary from its major competitor, LASR saw a pickup in activity in March and April in the China industrial business, with order activity healthy thus far in Q2. The company’s Aerospace & Defense business continued its rapid growth, with revenues up 29% sequentially. Demand in the Microfabrication end market remains weak, though management expects conditions to improve with stronger demand coming from increased 5G investment. Given the results and better outlook, we are raising our 2020 and 2021 estimates. We reaffirm our Buy rating."

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