Brainsway (BWAY) PT Raised to $17 at H.C. Wainwright

H.C. Wainwright analyst Raghuram Selvaraju raised the price target on Brainsway (NASDAQ: BWAY) to $17.00 (from $15.00) while maintaining a Buy rating.

The analyst commented: "Revenue in 1Q26 increased 35% vs. the year-ago period to $15.5M, solidly beating our forecast of only $13.9M. Remaining performance obligations (RPOs) increased to $75M as of March 31, 2026, up 25% compared to the prior year period. The company shipped a net total of 117 Deep TMS systems during 1Q26, representing a 44% increase vs. the year-ago period. Total installed base reached approximately 1,820 systems, up from only 1,700 at the end of 2025. Gross margin was 75% in 1Q26, steady vs. the prior-year period. Net income for 1Q26 increased over 100% vs. the year-ago period, to $2.3M. This translated into net earnings of $0.06 per share, in-line with our original forecast. We modestly raise our full-year 2026 revenue forecast from $66.8M to $68.5M, at the top of the current guidance range of $66-68M, while also raising our full-year 2027 revenue estimate to $84.2M vs. the prior $81.2M. BrainsWay closed 1Q26 with $58.6M in cash and cash equivalents, which we expect to be sufficient to fund minority investments into various entities utilizing the Deep TMS platform as part of the company's overall business strategy. We reiterate our Buy rating, while raising our 12-month price target to $17 from the prior $15 per share. This reflects our higher forward revenue estimates as well as an increase in the perceived value of the company's convertible loan investment in Neurolief, a privately-held company that recently secured FDA approval of its proprietary ProlivRx system for treatment of depression."

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