Needham & Company Starts Velo3D Inc. (VLD) at Buy
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Needham & Company analyst James Ricchiuti initiates coverage on Velo3D Inc. (NYSE: VLD) with a Buy rating and a price target of $15.00.
The analyst commented, "We are initiating coverage of Velo3D with a Buy rating and a $15 target price. Velo3D released its full-stack Sapphire laser power bed fusion (L-PBF) additive manufacturing system in 2018 and in a relatively short period of time assembled an impressive list of customers that rely on its technology for production of metal parts used in the space, aerospace & defense, energy and industrial markets. The company’s proprietary hardware and software solutions enable the production of advanced, mission-critical metal parts that were previously thought to be out of reach in the additive manufacturing (AM) industry. We believe Velo3D will be able to scale its business to several hundred millions dollars of revenue over the next 3 years as it extends its land-and-expand strategy to a broader base of customers and expands its product portfolio."
Shares of Velo3D Inc. closed at $9.23 yesterday.
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