Nlight (LASR) PT Lowered to $27 at Needham & Company

Needham & Company analyst James Ricchiuti lowered the price target on Nlight (NASDAQ: LASR) to $27.00 (from $29.00) while maintaining a Buy rating.

The analyst commented, "We hosted nLIGHT mgmt late last week in Southern California and Salt Lake City. Not surprisingly, the focus of virtually every meeting was the tone of business, particularly in China. We came away from our meetings confident that LASR can meet Street expectations for Q4. Mgmt did not provide color on the 2019 outlook, though they appeared confident that LASR will continue growing in excess of the industry. With the encouraging initial demand for its new 10kW fiber laser and Corona programmable laser and continued solid growth in the semiconductor laser business (~60% of revs), we believe LASR can grow mid-teens in 2019, though we are trimming our 1H ests. to reflect the uncertain macro environment. With the pullback in the shares, we believe LASR offers an attractive risk-reward opportunity."

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