UPDATE: Cowen Starts EMCORE (EMKR) at Outperform
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Cowen analyst Paul Silverstein initiates coverage on EMCORE (NASDAQ: EMKR) with a Outperform rating and a price target of $16.00.
The analyst comments "We are initiating coverage of EMCORE with an Outperform rating and $16 12-month price target. We expect improving revenue growth and margins over time driven by strong and improving position in Aerospace and Defense and shift to variable cost structure in CATV. We see highly attractive risk-reward given improving operating model with shares trading, ex-cash, at less than 9x our CY22 EPS estimate."
Shares of EMCORE closed at $8.83 yesterday.
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