H.C. Wainwright raises eMagin’s price target on expected accelerated growth

Analyst Kevin Dede, in a research note released to clients on Friday, observed that revenue corresponded to expectations, sustained by strong contract sales, and that costs were kept under control.

“We see room for the valuation multiples to expand further on the premise that estimates should follow, although perhaps over a more protracted period. Competitors trade at valuations greater than 3x EV-to-sales, and we see eMagin’s stock continuing to edge higher,” wrote Dede, explaining the higher price target of US$4.00 from US$2.26 per share in December.

Evaluating eMagin’s revenue growth potential, Dede cited that the company has enjoyed “strong contract sales on the three project deals that total some $6.8M but spread over 30 months.” He also said eMagin is projecting revenues of $26 to $29 million in 2015.

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