Resonant (RESN) PT Raised to $6.25 at Needham & Company
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Needham & Company analyst N. Quinn Bolton raised the price target on Resonant (NASDAQ: RESN) to $6.25 (from $3.50) while maintaining a Buy rating.
The analyst commented, "We had a time to catch up with Resonant's team, including Chairman & CEO George Holmes, CFO Marty McDermut, COO Dylan Kelly, VP of Business Development Mike Eddy and VP of Finance Lisa Wolf at our 2021 Virtual Needham Growth Conference.
We are increasing our price target to $6.25 or 19.8x EV/S on our just published CY22 estimates. We believe that a higher multiple is justified given the recent momentum with Murata and Chinese foundries. With Murata confirming target specifications meeting expectations, we are getting one step closer to unleashing the power of true 5G with RESN's XBAR filters. 4G-related shipments from Chinese foundries continue (4.1M units shipped in Q3-20). With a debt-free balance sheet and competitive advantages like ISN software, we remain positive on RESN shares."
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