Palladyne AI initiated with a Buy at Alliance Global Partners

Alliance Global Partners initiated coverage of Palladyne AI (PDYN) with a Buy rating and $15 price target. Palladyne’s AI software is being used to train mobile and static robotic systems to adapt to changing circumstances and the firm argues that the company’s contract to provide AI-based training for Red Cat’s (RCAT) drones is “providing validation” and that a “solid pipeline will lead to further adoption in a variety of industries.” The firm forecasts revenue of $6.1M in 2025 and $12.3M in 2026, the analyst noted.