Nlight (LASR) PT Raised to $70 at Craig-Hallum

Craig-Hallum analyst Greg Palm raised the price target on Nlight (NASDAQ: LASR) to $70.00 (from $50.00) while maintaining a Buy rating.

The analyst comments "OUR CALL nLIGHT capped off a remarkable year with solid quarterly results. Revenue was up over 70% y/y and EBITDA topped $10M, with margin reaching 13%. While the company’s HELSI 2 contract and associated revenue drove a big portion of the growth, other DE programs along with several laser sensing programs also contributed. While the exit of cutting and welding revenue will translate into some near-term revenue headwinds (we took ~$20M additional out of our model) and was the entirety of our revenue estimate reduction, strategically it makes sense and will now increase A&D revenue to over 80% of total mix. Optically, this might cause some confusion but we remind investors that cutting and welding was characterized as a melting ice cube and the formal exit will allow the company to refocus and reallocate those resources to higher growth, higher priority areas within Defense. It’s the smart longterm move and as a result, we maintain our Buy rating and boost our price target to $70."

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