Nlight (LASR) PT Lowered to $11 at Craig-Hallum

Craig-Hallum analyst Greg Palm lowered the price target on Nlight (NASDAQ: LASR) to $11.00 (from $12.00) while maintaining a Hold rating.

The analyst commented: "If nLIGHT was solely an A&D story, our rating would be a Buy. Segment revenue growth was up 20% y/y in FY24 and FY25 guidance assumes revenue growth of at least 25%. Importantly, visibility is much higher here, driven by strong backlog levels (+55% y/y) as well as growth in the unfunded value of contracts and an abundance of other pipeline opportunities. Unfortunately, nLIGHT still generates ~1/3 of revenue from commercial end markets which continue to move lower, following a consistent trend over the last 2+ years. If this bottoms, it would represent a meaningful catalyst although we imagine accelerated growth from A&D can be enough to excite certain investors. The stock remains a show me story for the time being but remains an attractive investment for long-term investors looking to gain exposure to some large growth trends within A&D."

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