UPDATE: Goldman Sachs Upgrades Kornit Digital Ltd. (KRNT) to Buy
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Goldman Sachs analyst Rod Hall upgraded Kornit Digital Ltd. (NASDAQ: KRNT) from Neutral to Buy with a price target of $135.00 (from $83.00).
The analyst comments "Kornit reported another strong quarter with broad-based demand outperformance as the company continues to see tailwinds from the shift to digital printing and e-commerce. We are upgrading our rating to a Buy as numbers materially outpace our forecasts. The company also announced new 3D textile printing applications for embroidery, high-density printing, and vinyl heat transfer effects, potentially increasing the TAM by 25% - 30%. While we had originally believed that current growth might be unsustainable as we exit COVID we are increasingly convinced that COVID has actually accelerated adoption of personalized fashion enabling technology. We also believe COVID might have driven companies to adopt this technology to reduce physical inventory. Our FY’22 revenue estimate is now tracking 11% ahead of consensus as we upgrade Kornit to Buy (from Neutral) with a 12-month price target of $135."
Shares of Kornit Digital Ltd. closed at $97.49 yesterday.
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