Energous Corp (WATT) CEO Transition is not Fundamentally Related - Roth Capital
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Roth Capital analyst Suji Desilva reiterated a Buy rating and $7.00 price target on Energous Corp (NASDAQ: WATT) after the company announced that CEO Stephen Rizzone will be taking an immediate medical leave of absence.
The analyst stated "While an important driver behind WATT’s building customer momentum, we nonetheless believe that the three executives forming the newly created Office of the CEO will provide strong operational execution continuity for the firm. Separately, WATT provided preliminary 1Q21 revenue guidance of $145,000, approximately 20% better than consensus expectations and
reflecting continued customer momentum. We believe the management actions had no relations to fundamentals and, if anything, WATT customer and revenue ramp opportunity momentum is building as COVID-related lockdowns ease."
Shares of Energous Corp closed at $3.36 yesterday.
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