Draganfly initiated with a Buy at Needham

Needham analyst Austin Bohlig initiated coverage of Draganfly (DPRO) with a Buy rating and $20 price target The firm believes the unmanned aerial systems industry is entering a “multi-year supercycle.” Draganfly is “uniquely positioned” to capture accelerating demand across North America as a pure-play drone company, the analyst tells investors in a research note. Needham sees the company’s new drones benefiting from Canada’s record defense investments, while simultaneously participating in the U.S. drone “supercycle” through potential high-volume defense programs.