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Rosenblatt raises Ouster stock target, keeps buy rating

EditorAhmed Abdulazez Abdulkadir
Published 05/13/2024, 08:52 AM

On Monday, Ouster Inc. (NYSE: NYSE:OUST), a provider of high-resolution digital LiDAR sensors, received a vote of confidence from Rosenblatt Securities. The firm increased its price target on the company's stock to $17.00, up from the previous $12.00, while sustaining a Buy rating on the shares. This adjustment follows Ouster's recent financial performance, which the firm described as a "clean beat-n-raise quarter."

The company's revenue guidance for the June quarter indicates a consistent upward trajectory, marking 10 consecutive quarters of growth. Additionally, Ouster achieved a record gross margin, a key financial metric indicating the company's profitability. The firm's analysts highlighted Ouster's strategic focus on sectors such as Industrial, Robotic, and Smart Infrastructure applications, which are seen as large markets that can benefit significantly from LiDAR technology in terms of productivity gains.

The decision to raise the price target reflects the firm's positive outlook on Ouster's potential to accelerate adoption of its technology. The new target price of $17 is based on a multiple of 4x the next twelve months' (NTM) sales, suggesting a robust growth expectation for the company.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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