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

February 18, 2021 2:01 PM EST
Get Alerts FARO Hot Sheet
Price: $85.60 --0%

Rating Summary:
    5 Buy, 6 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 15 | Down: 13 | New: 22
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(Updated - February 19, 2021 9:29 AM EST)

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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