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(Updated - September 17, 2021 8:53 AM EDT)
BofA Securities analyst Vivek Arya initiates coverage on Rockley Photonics Holdings Ltd (NYSE: RKLY) with a Buy rating and a price target of $14.00.
Arya comments, "Rockley’s optical sensing platform targets a $32bn TAM in the monitoring of critical biomarkers via smart wearable devices. Unlike traditional LED solutions, RKLY’s integrated spectrophotometer and on-device analytics platform offers much higher resolution/accuracy, enabling healthcare clinic-on-the -wrist solution to monitor glucose and lactate levels, blood alcohol, core body temp, hydration and alcohol levels. RKLY is contracted/engaged with OEMs (Apple top customer) that control 60%+ of the smartphone and wearables market. RKLY is also exposed to medical device equipment manufacturers (contracted with 3 MedTech companies today including Medtronic), which could add $18bn to its TAM."
Shares of Rockley Photonics Holdings Ltd closed at $8.96 yesterday.
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