Ondas Holdings: Well-Capitalized Growth Story in Expanding Drone and Robotics Market Supports Buy Rating and $25 Fair Value Target

Analyst Amit Dayal from H.C. Wainwright maintained a Buy rating on Ondas Holdings and increased the price target to $25.00 from $12.00.

Amit Dayal has given his Buy rating due to a combination of factors that, in his view, position Ondas Holdings for substantial long-term growth. He highlights the company’s significantly strengthened balance sheet following a roughly $1 billion capital raise, which leaves Ondas with more than $1.5 billion in cash to pursue its strategic objectives. With this capital, Dayal believes the company is well equipped to exploit a sales pipeline in excess of $500 million, actively pursue M&A opportunities, and compete effectively for large commercial and defense contracts in a drone and robotics market that could grow from about $7 billion today to over $100 billion in the coming decade. He also points to management’s increased 2026 revenue outlook to approximately $170–180 million and longer-term targets of about $1.5 billion in sales by 2030, underpinned by expected gross margins above 50% as operations scale.
Amit Dayal’s rating is based on the view that Ondas combines a strong technology portfolio, attractive margin profile, and robust market tailwinds that can support outsized revenue expansion well into the 2030s. He notes that while share price volatility is likely to persist, the company’s trajectory should benefit from larger order wins from both government and commercial customers, as well as improving profitability metrics within roughly two years. Dayal’s DCF-based analysis, which incorporates high growth assumptions through 2037 and a discount rate reflecting the firm’s estimated cost of capital, supports a fair value estimate of $25 per share over the next 12 months. Taken together, these elements justify his Buy rating, as he sees the risk–reward skewed favorably for investors willing to tolerate near-term fluctuations for potential long-term upside.

In another report released today, Needham also reiterated a Buy rating on the stock with a $17.00 price target.