Maxim Group analyst Matthew Galinko has maintained their bullish stance on CPTN stock, giving a Buy rating yesterday.
Matthew Galinko’s Buy rating for Cepton’s stock (CPTN) is based on a combination of factors. Despite the company reporting a lower revenue in the third quarter of 2023 than expected, it still showed an impressive year-over-year rise of 112.5%. This financial performance, combined with Cepton’s adjusted EBITDA surpassing expectations, encourages a positive outlook for the company.
In addition, Galinko highlights the potential for growth in Cepton’s future. While there have been delays in shipping from General Motors, a primary customer, these are expected to last only for a few months. Moreover, Cepton’s management has hinted at promising automotive opportunities in the pipeline, with one large OEM expected to make a decision on LIDAR vendors by the end of 2023. Galinko also emphasizes Cepton’s healthy financial position, with sufficient capital to fund operations until the end of 2024. Despite lowering the price target to $10 from $20, Galinko maintains a Buy rating for Cepton.
In another report released yesterday, Craig-Hallum also maintained a Buy rating on the stock with a $20.00 price target.
CPTN’s price has also changed dramatically for the past six months – from $0.438 to $3.600, which is a 721.92% increase.
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Cepton (CPTN) Company Description:
Growth Capital Acquisition Corp is a blank check company.
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