The stock markets rallied over the last several weeks. U.S. futures gained significantly after the severe losses they endured due to the coronavirus. The authorities are preparing to reopen economic activity as the pandemic slowed down later.
Some analysts believe that the worst is already behind us. However, others remain cautious. Still, more and more experts agree that it’s time to lift some restrictions and continue business activities. But it also means, that the stocks’ prices, which collapsed over the past months, will rise again. So, if you plan to build or add your portfolio, it’s time to begin, until futures skyrocket.
Emcore Corporation is a technology company that has links to the defence industry and a strong-buy rating. Its products are vital components in navigation systems. Emcore produces micro-electromechanical systems and mixed-signal optics that underlie lots of leading aerospace and defence systems.
Emcore’s production capabilities suffered due to the lockdowns. Despite that, Emcore showed a strong sequential improvement in the fourth quarter. The company recorded a net loss, but it was only 8 cents, much better than the 22 cents forecast.
The company missed earnings expectations in the third quarter by 12 cents, and it also reported a 29 cent per share loss versus a forecast of 17 cents. However, revenue in the final quarter of 2019 rose to $25.48 million, soaring by 6% from the year-ago quarter.
Even though the stock experienced difficulties, experts are optimistic about it. They believe that Emcore will get pent-up demand due to its contractual ties to the defence establishment as normal work resumes.
According to Dave Kang, Riley FBR’s analyst, Emcore’s business should benefit from increased telecommuting. Kang set his price target at $5.80 for this stock. It has a 122% upside potential over the year. However, the stock’s average price target of $5.10 suggests a 95% upside growth in the coming 12 months.
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