LightPath Technologies (LPTH) PT Raised to $15 at H.C. Wainwright

H.C. Wainwright analyst Scott Buck raised the price target on LightPath Technologies (NASDAQ: LPTH) to $15.00 (from $10.00) while maintaining a Buy rating.

The analyst commented: "After the market close on February 11, LightPath Technologies, Inc. reported F2Q26 operating results, including record revenue of $16.4M, well above our $13.3M estimate and $15.0M for the Street. Elevated levels of demand are being driven largely by defense and security verticals which are benefitting from a favorable secular backdrop. This includes higher defense and security spend out of both the U.S. and Europe. One example includes an announced $9.6M purchase order for cooled infrared cameras from an existing customer announced earlier this week, which represented a nearly doubling of order size from recent periods. The company maintains a backlog of $97.8M, which we believe supports strong revenue results through the remainder of FY26 and should continue into FY27. Further, a strengthened balance sheet following a capital raise in December 2025 should allow the business to pursue additional high margin revenue opportunities, either organically or through M&A. While results may continue to be somewhat lumpy on a quarterly basis, the company should show progress towards consistent profitability and eventually free cash flow, a positive inflection point in the business. Given stronger than expected results and positive commentary, we believe Street estimates are likely to move higher over the coming days. While we believe the current valuation multiple may be somewhat stretched versus peers, current high margin revenue opportunities warrant a premium multiple near term. We are increasing our price target to $15 from $10 on a material increase in our revenue forecast. We are Buy-rated on LPTH."

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