Needham analyst Nick Doyle has raised the price target on Penguin Solutions stock (PENG). He gave the technology company a Buy rating with a price target increase from $25 to $27.
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The analyst was impressed by PENG’s strong Q1, given that earnings came in well above Needham’s estimates. Furthermore, he appreciated the company’s commentary about a robust backlog and a bevy of partnerships that will drive new business. Doyle also cited Penguin Solutions’ new Optical Memory Appliance, which is expected to bring in revenue in FY2026.
Altogether, analysts consider PENG stock a Strong Buy, with four Buy ratings. The stock’s consensus price target of $22.75 implies an upside of 18.9%. PENG stock has risen by 3.6% in the past year.
