Faro Technologies price target raised to $34 from $26 at Needham

Needham raised the firm’s price target on Faro Technologies (FARO) to $34 from $26 and keeps a Buy rating on the shares after the presentation by its management team at the 7th Annual Needham Growth Conference. The firm notes that the company’s solid year-to-date results reflect the impact of recent restructuring initiatives and provide an indication of FARO’s operating leverage potential, the analyst tells investors in a research note. Needham also contends that Faro’s new approach to partnerships could be a solid tailwind, as management noted it believes it can reach a significantly higher number of customers through pursuing a more aggressive partnership strategy.