Faro Technologies price target raised to $27 from $22 at Needham

Needham raised the firm’s price target on Faro Technologies to $27 from $22 and keeps a Buy rating on the shares. The company’s new CEO Peter Lau appears to be striking the right tone with investors, and the management is expected to provide more details of planned course correction actions at an upcoming investor day in March along with its new long-term target model, the analyst tells investors in a research note. Needham adds that it sees steady improvement in revenue and earnings in 2024 for Faro.