Poet Technologies price target raised to $3.50 from $3 at Craig-Hallum

Craig-Hallum analyst Richard Shannon raised the firm’s price target on Poet Technologies to $3.50 from $3 and keeps a Buy rating on the shares. The firm notes Poet is increasingly focused on mainstream/leading edge datacom xcvrs supporting AI applications. The company has reorganized its RD with a greater China exposure, which lowers its cost structure, Craig-Hallum adds. With its improved balance sheet, Poet has a runway stretching most of the way through 2025, providing time for customers to progress toward production with leading edge products. The firm believes an increased focus on SiPh technology by xcvr makers, along with greater Poet maturity, will drive more interest to this name.