Everspin Technologies (MRAM – Research Report), the Technology sector company, was revisited by a Wall Street analyst today. Analyst Nick Doyle from Needham reiterated a Buy rating on the stock and has a $8.00 price target.
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Nick Doyle has given his Buy rating due to a combination of factors that indicate a positive outlook for Everspin Technologies. The company’s product revenue is expected to increase from the third quarter of 2024 through the calendar year 2026, bolstered by existing design wins in STT and Toggle technologies. This upward trend in revenue is a key driver for the optimistic rating.
Furthermore, Everspin is collaborating with multiple licensing partners, which is anticipated to generate high-margin revenues and offer future opportunities for foundry and royalty income. Additionally, the company’s recent product announcements suggest potential growth in satellite applications, which could further enhance opportunities by 2026. The price target of $8 is based on a 20x multiple of the estimated earnings per share of $0.40 for the calendar year 2026.