Analyst Matthew Galinko of Maxim Group maintained a Buy rating on Innovative Eyewear, Inc. (LUCY – Research Report), with a price target of $1.75.
Matthew Galinko has given his Buy rating due to a combination of factors. The most significant factor is the recent 3Q23 results reported by Innovative Eyewear, Inc. that surpassed Galinko’s expectations. Moreover, the company is set to launch products under big-name brands like Reebok, Nautica, and Eddie Bauer, which are licensed from Authentic Brands Group. It is believed that this move will significantly boost the revenue growth of the company. Furthermore, the launch of these licensed products is expected to expand the company’s distribution online and through its increasing number of retail stores.
Innovative Eyewear, Inc. ended 3Q23 with a considerable cash balance, and although the company is expected to raise capital in the next year, the cash burn is anticipated to slow as the revenue starts to increase by 2024. The Buy rating and the $1.75 price target are maintained based on a 10-year DCF framework analysis, which equates to approximately a 3.1x multiple of the projected 2025 revenue. Galinko also took into account the company’s 3Q23 review, which reported promising growth in terms of revenue and gross margin. He also highlighted the expansion of the product list and distribution as positive signs for the future of the company.
LUCY’s price has also changed dramatically for the past six months – from $2.210 to $0.430, which is a -80.54% drop .
See today’s best-performing stocks on TipRanks >>
TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.
Innovative Eyewear, Inc. (LUCY) Company Description:
Innovative Eyewear Inc is engaged in developing and selling eyeglasses and sunglasses, which are designed to allow the customers to remain connected to their digital lives, while also offering prescription eyewear and sun protection. Its products Lucyd Lyte glasses enable the wearer to listen to music, take and make calls, and use voice assistants to perform many common smartphone tasks hands-free.
Read More on LUCY:
