Everspin Technologies (MRAM) PT Raised to $12 at Needham & Company

Needham & Company analyst Rajvindra Gill raised the price target on Everspin Technologies (NASDAQ: MRAM) to $12.00 (from $10.00) while maintaining a Strong Buy rating.

The analyst commented, "Everspin delivered Q3-21 sales/GAAP EPS of $14.8MM/$0.04, well ahead of our estimates at $12.2MM/-$0.06 and guided Q4-21 to $16.6MM/$0.05, also well ahead of our Q4-21 estimates of $12.6MM/-$0.03. Toggle MRAM continues to set quarterly revenue records, driven by demand in industrial robotics, aerospace (U.S. Govt. contract revenues hitting the top line this quarter) and automotive (deal signed with EV maker Lucid), and the backlog remains very high with the company being 100% booked the last 2 quarters. Additionally, IP licensing deals are bringing in revenue, with more expected in Q4. The Phison partnership ASIC, with a standardized interface, is expected in Q2-22 at this time. With demand accelerating for both products and IP, we are raising our CY'22 estimates and raising our PT to $12 on these Strong Buy-rated shares."

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