Drexel Hamilton reiterated a Buy rating and $8.00 price target on Resonant (NASDAQ: RESN) following the company's 2Q earnings report and expansion announcement. Resonant’s second quarter results were very much inline with expectations, with the firm demonstrating significant progress on all fronts over the past three months.

Analyst Cody Acree commented, "With its recent progress, we believe the company has gone a long way to significantly increasing the likelihood of meeting its product design and licensing objectives and achieving recurring revenue within an investable timeframe. Accordingly, we reiterate our Buy rating and our $8 target price."

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Shares of Resonant closed at $5.86 yesterday.