Needham & Company analyst Ryan Koontz reiterated a Buy rating and $8.50 price target on Gilat Satellite Networks (NASDAQ: GILT).

The analyst commented, "GILT reported solid 4Q23 results, with revenue and Adj. EBITDA both ~ in line with consensus. 4Q revenue increased 4% y/y from strength across IFC, backhaul, and enterprise applications, along with a modest 6-week contribution from the DataPath acquisition. 2024 revenue/EBITDA guidance (+18%/+15% y/y at MP) reflects a ~$45MM revenue contribution from DataPath. Management commentary suggested F24 guidance is conservative with some room for upside, with excitement around several new deals that could materially impact 2025 results. We increase our F24 revenue and Adj EBITDA estimates with the inclusion of DataPath. We maintain our Buy rating and $8.50 PT."

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Shares of Gilat Satellite Networks closed at $6.00 yesterday.