Needham & Company Reiterates a 'Buy' on Faro Technologies (FARO); Comments From Investor Meeting

Needham & Company reiterates a 'Buy' on Faro Technologies (NASDAQ: FARO) price target of $65.00.

Analyst, James Ricchuiti, said, "FARO hosted an investor meeting on Friday at its corporate headquarters, at which mgmt announced a long-term target of reaching $1B in revenue in 7 yrs, representing a CAGR of over 20% organically. Mgmt also confirmed that it will introduce a new laser Tracker product, which it believes will be as disruptive to the market as the Focus 3D LS, albeit addressing a smaller market, the first of what FARO expects will be a half dozen new product releases over the next 3-5 years. Mgmt also acknowledged that operating margins in its European business (~40% of 2011 revs) were unacceptably low in 2011, prompting the recent change in leadership of this operation. The fact that mgmt acted as quickly as it did to address profitability issues in Europe, even as FARO posted record overall results and strong operating margins, underscores mgmt’s commitment to expanding margins while maintaining the company’s strong top-line."

For an analyst ratings summary and ratings history on Faro Technologies click here. For more ratings news on Faro Technologies click here.

Shares of Faro Technologies closed at $53.78 yesterday.

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