LightPath: Growing Defense-Driven Backlog and M&A Firepower Support Buy Rating and $15 Target

H.C. Wainwright analyst Scott Buck has maintained their bullish stance on LPTH stock, giving a Buy rating yesterday.

Scott Buck has given his Buy rating due to a combination of factors, including LightPath’s successful evolution from a component maker into a full optics solutions provider and the strength of its growing backlog. He highlights that the $103.0M order book, heavily weighted toward security and defense customers and supported by proprietary BlackDiamond glass and the Amorphous Materials acquisition, underpins substantial near-term and multi-year revenue visibility.

He also points to a robust balance sheet, with significant cash to fund further disciplined, accretive M&A, as a catalyst for additional growth beyond current Street assumptions. Buck’s revenue forecasts through FY27, the company’s longer-term goal of roughly $300.0M in annual sales by 2030–2031, and the expected transition to positive operating cash flow and eventual free cash flow support his view that the shares merit a Buy rating and a $15 price target.

According to TipRanks, Buck is a 2-star analyst with an average return of 0.3% and a 30.35% success rate. Buck covers the Technology sector, focusing on stocks such as Rezolve AI, Lightpath Technologies, and NexTech AR Solutions.

In another report released yesterday, Lake Street also reiterated a Buy rating on the stock with a $14.00 price target.