Faro Technologies price target raised to $30 from $25 at Craig-Hallum

Craig-Hallum raised the firm’s price target on Faro Technologies (FARO) to $30 from $25 and keeps a Buy rating on the shares. The firm notes the company reported strong quarterly results, with a convincing beat across the board, highlighted by robust margins. Over the last year, execution has been stellar as new management has right-sized the cost structure, setting up potential for significant earnings power, Craig-Hallum argues. While the demand environment remains soft and with visibility still limited, the firm’s belief is that the company can generate EPS power of $2.00-$2.50 in a better, more normalized industrial cycle. If that’s the case, this stock could be $50-$60/share, representing a multi-bagger from current levels, it adds.