Vuzix Corporation (NASDAQ:VUZI) is one of the hot tech stocks to buy according to Wall Street analysts. On October 16, Christian Schwab from Craig-Hallum maintained a Buy rating on Vuzix without setting a price target on the shares.
Earlier on October 1, Craig-Hallum raised the firm’s price target on Vuzix to $6 from $3 and kept a Buy rating on the shares.
The firm noted that Vuzix announced that it received a six-figure development order for customized Waveguides from a leading US defense contractor. Craig-Hallum believes that Vuzix could announce other defense contractor customers for custom head-mounted display programs by the end of this year.
These programs are estimated to carry an average selling price to Vuzix of ~$4,000, potentially representing a $40 million to $400 million opportunity for the company over time. Additionally, Craig-Hallum believes Vuzix is well-positioned to see a ramp-up in smart glasses and AR opportunities with its partner, Quanta.
Vuzix Corporation designs, manufactures, and markets AI-powered smart glasses, waveguides, and AR technologies in North America, Europe, the Asia Pacific, and internationally.
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This article is originally published at Insider Monkey.
