Draganfly Inc. (DPRO) PT Lowered to $0.50 at H.C. Wainwright

H.C. Wainwright analyst Scott Buck lowered the price target on Draganfly Inc. (NASDAQ: DPRO) to $0.50 (from $1.00) while maintaining a Buy rating.

The analyst commented: "After the market close on August 13, Draganfly, Inc reported 2Q24 operating results, including revenue of C$1.7M, below our C$2.4M forecast, but up sequentially. While lack of more meaningful revenue growth is certainly disappointing, the company continues to make meaningful headway signing new customers, entering new partnerships, and advancing new products towards commercialization with both government and enterprise customers. While visibility on timing remains challenging, we believe the company has positioned itself well, securing the manufacturing capacity to support large defense contracts. Within the earnings conference call, management suggested larger contract announcements would be likely in 2024, which would suggest a meaningful step up in revenue beginning in 2025. While some patience may be required, we believe the longer term opportunity should become more apparent to investors over the next six months. As revenue begins to scale in 2H24 and 2025, we believe the path to profitability should become clear, potentially attracting new investors to DPRO shares. We recommend investors take advantage of recent weakness in DPRO shares to build a position ahead of these larger contract wins, increasing revenue, and eventual profitability. We remain Buy-rated with a $0.50 price target, down from $1.00, on DPRO shares."

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