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KRNT

Kornit Digital

$25.85

0.45 (1.77%)

07:58
04/04/19
04/04
07:58
04/04/19
07:58

Kornit Digital price target raised to $30 from $24 at Needham

Needham analyst James Ricchiuti raised his price target on Kornit Digital to $30 after attending the company's customer event at its headquarters where it showcased its "new disruptive Poly Pro print technology and the new mass production Atlas direct-to-garment system." The analyst says Kornit Digital's presentation has raised his optimism about his forecast of 25% revenue growth in 2019 as well as the management's scaling expectations to achieve $500M in revenue by the end of 2023. Ricchiuti claims that Kornit Digital is one of his "more compelling growth stories" and keeps his Buy rating on the shares.

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KRNT Kornit Digital
$25.85

0.45 (1.77%)

06/07/18
STFL
06/07/18
INITIATION
Target $21
STFL
Buy
Kornit Digital resumed with a Buy at Stifel
Stifel analyst Patrick Ho resumed coverage of Kornit Digital with a Buy rating and $21 price target, saying he believes 2018 will be a "rebound year" with momentum that will carry into strong growth for 2019 as well.
07/18/18
SBSH
07/18/18
INITIATION
Target $20
SBSH
Neutral
Kornit Digital initiated with a Neutral at Citi
Citi analyst Jim Suva started Kornit Digital (KRNT) with a Neutral rating and $20 price target. The analyst would like to see Kornit grow revenue from customers outside of Amazon (AMZN). He says he'll turn more positive on the shares if he sees a more attractive valuation and/or customer concentration risks alleviate.
08/28/18
WBLR
08/28/18
NO CHANGE
WBLR
Outperform
Amazon upgrading printers to Kornit's new HD technology, says William Blair
Based on information from the Pennsylvania Department of Environmental Protection, William Blair analyst Brian Drab believes Amazon (AMZN) is upgrading Kornit printers that were already installed in its Pennsylvania textile printing facility to Kornit's new high definition print engine and also laying the groundwork to expand the facility from a maximum of 48 machines to 72 machines. In a research note titled "As Far as We Can Tell, Amazon Really Likes Kornit," Drab says Kornit's valuation is attractive given his expectation for about 20% revenue growth and margin driving greater than 30% earnings growth going forward. He points out that Amazon recently applied for two new air-quality permits and also submitted an application to expand capacity at its Pennsylvania facility from 48 printers to 72 printers. This is clearly a step toward upgrading the existing fleet of machines in the Pennsylvania facility to the HD technology Kornit introduced in early 2018, the analyst contends. He believes Amazon's e application for 72 printers is likely to be approved given it is essentially an addendum to previous permits. Drab estimates that an incremental 24 printers would likely generate about $10M in revenue for Kornit. He keeps an Outperform rating on the shares.
12/18/18
WBLR
12/18/18
NO CHANGE
WBLR
Amazon close to getting permit for more Kornit printers, says William Blair
William Blair analyst Brian Drab has learned that the Pennsylvania Department of Environmental Protection is close to issuing a permit to Amazon (AMZN) that would allow the company to expand textile printing capacity in its Norristown, Pennsylvania, facility by 50%. Specifically, the permit would allow Amazon to place a total of 72 textile printers in the facility, up from the limit of 48 associated with the original permit, Drab tells investors in a research note. The PDEP expects to issue the expansion permit by February 15, 2019, says the analyst, who originally broke the news regarding Amazon's application for this permit in August. Drab says the "timing and significance" of the permit gives him increased confidence in his 2019 forecast for Kornit Digital (KRNT). He believes the Norristown facility currently operates about 40 Kornit printers. As such, the permit creates the opportunity for the facility to take about 30 additional machines. Drab's 2019 forecast for Kornit's consolidated revenue includes the sale of 30 machines to Amazon. The permit also gives increased confidence in the long-term outlook for Kornit because it is affirmation that Amazon is committed to utilizing Kornit technology in its textile printing operations, says the analyst. He keeps an Outperform rating on Kornit Digital, which closed yesterday down 29c to $17.53.

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