UPDATE: Faro Technologies (FARO) PT Raised to $117 at Craig-Hallum, Following Earnings

Craig-Hallum analyst Greg Palm raised the price target on Faro Technologies (NASDAQ: FARO) to $117.00 (from $70.00) after the company reported a beat in the wake of seven consecutive quarters of y/y revenue declines.

The analyst reiterated a Buy rating, stating "We view Q4 as a breakout-like quarter that reinforces our confidence in the near and medium-term trajectory. Importantly, FARO could return to growth in Q1 (our estimates are more conservative) and will show meaningful y/y growth starting in Q2. At the same time, earnings are about to explode higher and we see Adj. EBITDA approaching $100M within three years (vs. $10M this past year). That kind of growth deserves a higher multiple, in our view, and we encourage investors to accumulate shares at current levels."

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