Canaccord analyst Austin Moeller reiterated a Buy rating and $16.50 price target on LightPath Technologies (NASDAQ: LPTH).

The analyst commented: "We are maintaining our BUY rating on LPTH and our $16.50 PT. We view management’s move to fully divest the China business as particularly timely, given the company’s long-term strategy to expand its share of wallet in the US defense market for camera systems and lens assemblies built using NDAA-compliant, domestically manufactured BlackDiamond chalcogenide glass for higher-margin infrared imaging applications. We have adjusted our model to assume lower Q4 revenues due to the anticipated divestiture of the LPOIZ business unit. Our $16.50 PT is calculated based on a 9.4x EV/Revenue multiple applied to our FY27 estimate of ~$105M."

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Shares of LightPath Technologies closed at $10.82 yesterday.