Coda Octopus price target lowered to $7.50 from $10 at Alliance Global Partners

Alliance Global Partners analyst Brian Kinstlinger lowered the firm’s price target on Coda Octopus to $7.50 from $10 and keeps a Buy rating on the shares. The company reported disappointing Q4 results due to challenging conditions for the offshore renewable energy and underwater construction sectors, the analyst tells investors in a research note. The firm thinks revenue from the company’s Diver Augmented Vision Display sales to the Navy will begin to ramp, but says there is little visibility as to the magnitude. Based on the market conditions it reduced revenue estimates post the quarter.