Everspin Technologies (MRAM) PT Lowered to $14 at Needham & Company
Needham & Company lowered its price target on Everspin Technologies (NASDAQ: MRAM) to $14.00 (from $17.00) while maintaining a Strong Buy rating.
Analyst Rajvindra Gill commented, "While we are encouraged by signs that Everspin's strategy shift of prioritizing 256Mb ST-MRAM and a realignment in its nvNitro go-to-market approach is bearing fruit, we are cutting our 2018 revenue estimate by $10 million as our prior estimate was contingent on a significant ramp in ST-MRAM (where design win unit volume visibility is currently poor). We also highlight potential variability in quarterly gross margins as licensing & royalty payments are lumpy and ST-MRAM size/timing of production is currently less clear (Toggle product mix can also affect margins). While we are lowering out PT to $14 on reduced 2018 revenue estimates we remain upbeat on Everspin's longer term opportunities."