Analyst James Ricchiuti from Needham reiterated a Buy rating on Kornit Digital (KRNT – Research Report) and increased the price target to $30.00 from $28.00.
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James Ricchiuti has given his Buy rating due to a combination of factors including Kornit Digital’s promising outlook and strategic initiatives. Despite Q1 results slightly missing Street expectations, the company demonstrated a healthy demand driven by its innovative Apollo high-volume production system and the All-Inclusive Click program.
Ricchiuti notes that Kornit Digital’s introduction of the Annual Recurring Revenue model, which yielded $14.5 million in Q1, is a positive indicator of future growth. Furthermore, the company’s guidance for Q2 revenue growth, although slightly below consensus, remains strong. These elements contribute to Ricchiuti’s confidence in maintaining a Buy rating for Kornit Digital’s stock.