In a report published Friday, Canaccord Genuity analyst Bobby Burleson upgraded the rating on ARC Group WorldWide Inc (NASDAQ: ARCW) from Hold to Buy, while raising the price target from $6 to $8, following a visit to the company’s DeLand Florida facility and a meeting with CEO Jason Young.
Analyst Bobby Burleson expects ARCW's fundamentals for revenue, EBITDA and earnings to improve y/y over the next several quarters, with a recovery in the firearms business, 3DMT’s metal 3D printing efforts beginning to yield results and Y/Y comps becoming easier.
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In the report Canaccord Genuity enumerated its investment highlights as:
- Improving visibility in 3DMT, ahead of easing Y/Y comps and improving firearms trends
- ARCW is believed to have received multiple orders including a "sizable order" for metals production within its 3DMT segment
- ARCW's valuation could expand with demand for 3DMT becoming more evident
- "While we are comfortable with our estimates, consensus estimates may prove a little aggressive near term"
Burleson further added, "Looming momentum for the company’s 3DMT business is a key driver of our upgrade as we believe ARCW is well positioned to leverage its expertise in complex metal parts into a significant metal 3D printing manufacturing opportunity over the next several years, an expertise enhanced greatly by its leadership in metal injection molding (MIM)."
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