Byrna Technologies initiated with a Buy at Roth MKM

Roth MKM analyst Matt Koranda initiated coverage of Byrna Technologies with a Buy rating and $14 price target. The firm is positive on the company’s position as a leader in non-lethal consumer products for self-defense, with a large potential addressable market, and the ability to scale both category awareness and sales, the analyst tells investors in a research note. Roth MKM adds that it sees three key growth drivers enabling its 37% sales growth CAGR forecast – boosting marketing, growing stores, and introducing new products. Despite limited scale, Byrna’s unit economics are healthy, the company is inflecting to profitability, and the balance sheet is sound, the firm added.