Nick Doyle, an analyst from Needham, maintained the Buy rating on Everspin Technologies. The associated price target is $10.50.
Claim 70% Off TipRanks This Holiday Season
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential
Nick Doyle’s rating is based on several compelling factors that highlight Everspin Technologies’ potential for growth. One of the primary reasons is the company’s increasing involvement in the low Earth orbit (LEO) market, which is seen as a significant growth area. The expectation is that the company’s Spin-Transfer Torque (STT) revenue will grow by 25% year-over-year by 2026, indicating strong future prospects.
Additionally, the recent request for information (RFI) from the Department of Navy for MRAM technology positions Everspin favorably due to its advanced technology. This development could lead to substantial upside beyond current estimates. Despite a cautious approach to intellectual property licensing revenue due to a recent government shutdown, the introduction of a price target of $10.50, based on enterprise value to sales ratio, underscores the positive outlook for the company’s stock.
In another report released on November 6, TR | OpenAI – 4o also reiterated a Buy rating on the stock with a $11.00 price target.