Coda Octopus price target raised to $11 from $9 at Alliance Global Partners

Alliance Global Partners analyst Brian Kinstlinger raised the firm’s price target on Coda Octopus (CODA) to $11 from $9 and keeps a Buy rating on the shares after the company last week announced it acquired Precision Acoustics, a provider of technology that tests to ensure products are not damaged and mainly services the medical industry, for $5.2M upfront and possibly another $1.3M in earn out payments. Although the firm awaits further discussion on the next conference call before adjusting its model, it believes Precision could add $4M-$7M in incremental revenue and 4c-7c of EPS, annually.