Analyst James Ricchiuti from Needham reiterated a Buy rating on Faro Technologies (FARO – Research Report) and increased the price target to $38.00 from $37.00.
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James Ricchiuti has given his Buy rating due to a combination of factors that highlight Faro Technologies’ strong performance and potential for growth. The company started 2025 on a positive note, surpassing revenue expectations for the first quarter and demonstrating significant earnings improvement through better gross margins and operational expense management. Management’s cautious optimism for the second quarter is supported by a growing backlog, driven by the strength of new products and global partnerships.
Furthermore, the revenue guidance for the second quarter aligns with market expectations, with a particularly strong outlook for earnings per share. Despite the challenging macroeconomic environment, the company has shown prudence in its projections, especially regarding hardware sales. Ricchiuti believes that Faro Technologies’ management is steadily gaining credibility with investors, as evidenced by the positive market reaction to recent performance updates.
Ricchiuti covers the Technology sector, focusing on stocks such as Faro Technologies, Stratasys, and Teledyne Technologies. According to TipRanks, Ricchiuti has an average return of 2.8% and a 44.42% success rate on recommended stocks.
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