Ladenburg starts Peraso with Buy on millimeter wave growth

Ladenburg analyst Jon Hickman initiated coverage of Peraso with a Buy rating and $3.75 price target. As millimeter wave technology usages in consumer-related applications make up a relatively new market, this technology is slated to grow rapidly with a growth rate expected of nearly 40% annually through 2030 and exceed $55B by the end of the decade, the analyst tells investors in a research note. The firm says the market is being driven by the rising use of bandwidth-intensive applications, and a growing need for high-speed transmission rates for internet of things applications, object identification, and security scanners. It points out that Peraso has been solely focused on the development of millimeter wave solutions and has a core competency in phased-array technology, or beamforming/steering. Ladenburg believes Peraso’s “market-leading” silicon and module solutions position the company for an extended period of notable top- and bottom-line growth.