BWS Financial analyst Hamed Khorsand maintained a Buy rating on Immersion (IMMR – Research Report) today and set a price target of $11.00.
Hamed Khorsand has given his Buy rating to Immersion based on a multitude of contributing factors. Firstly, he observed a positive trend in the company’s earnings, noting that the third quarter results corroborated his investment thesis that the company would start to see an increase in automotive revenue by the end of 2023. Immersion indeed reported a quarterly revenue that exceeded expectations, with an increase of roughly $1.9 million from automotive-related clients.
Furthermore, Khorsand also considered Immersion’s established reputation for generating revenue from smartphones and video game consoles. The expansion of their product offering to include haptics within automobiles was a major factor that caught his attention. Even though this technology has been present in cars for several years, it has only recently gained widespread acceptance. Khorsand also pointed out that despite being highly profitable and generating free cash flow, Immersion’s stock is currently trading just slightly above cash value, making it an attractive buy.
In another report released yesterday, Craig-Hallum also reiterated a Buy rating on the stock with a $10.00 price target.
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Immersion (IMMR) Company Description:
Immersion Corp. engages in the creation, design, development and licensing of patented haptic innovations and software. The company offers touch sense platform and design services. It focuses on the following target application areas: mobile devices, wearable, consumer, mobile entertainment and other content, console gaming, automotive, medical, and commercial. The company was founded in 1993 and is headquartered in San Jose, CA.
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