Ondas Holdings (NASDAQ:ONDS) stock is riding a wave of euphoria at the moment, with the unmanned systems specialist’s shares surging on strong momentum. Not only is the stock already up 27% in 2026, it has also delivered a staggering 518% gain over the past 12 months – a run that naturally raises the question of whether there’s still room to run.
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At least one Wall Street analyst thinks there is. According to H.C. Wainwright’s Amit Dayal, investors should be preparing for another leg higher. The analyst has just lifted his price target from $12 to a Street-high $25, implying ~102% additional upside in the months ahead. Unsurprisingly, Dayal maintains a Buy rating on the stock. (To watch Dayal’s track record, click here)
With a sales pipeline of more than $500 million and multiple active M&A targets, Dayal believes the company has entered 2026 in a “position of strength in the autonomous aerial and robotics markets.”
The analyst’s bullish outlook is based on several developments that have increased his confidence, including the completion of a $1 billion capital raise, with net proceeds of $959.2 million, which lifts total cash to more than $1.5 billion. Management has also increased its 2026 revenue outlook to $170–180 million from $140 million previously and has a longer-term revenue objective of $1.5 billion by 2030. Additionally, the company continues to target gross margins of more than 50% as scale improves.
Essentially, Dayal thinks a combination of product portfolio, tech abilities, and a strengthened balance sheet meets the “key requirements” needed to compete for large commercial and military contracts. Ondas operates in an addressable market that exceeds $7 billion annually today and has the potential to surpass $100 billion over the next decade.
At the same time, accelerating adoption of drones and robotics across U.S., European, and Israeli defense markets alone could drive substantial revenue growth over the next several years and support momentum through the mid-2030s.
Reflecting this outlook, Dayal has raised his 2030 revenue estimate from the prior $453 million to $1.1 billion, while his 2037 estimate goes from $2.6 billion to $7.9 billion.
Although investors should be ready for plenty of volatility in ONDS shares, the analyst believes the “longer term trend is higher,” given the potential to secure larger government and commercial orders, achieve gross margins above 50% compared with roughly 12–30% for legacy defense peers, and progress toward potential profitability within the next 2 years.
Dayal’s ONDS prognosis might be the most bullish right now, but he’s far from the Street’s only bull. In fact, based on a unanimous 8 Buys, the stock claims a Strong Buy consensus rating. Going by the $17.50 average target, a year from now, shares will be changing hands for a 42% premium. (See ONDS stock forecast)
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Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.