Napco Security price target raised by $2 at Needham, here’s why

Needham raised the firm’s price target on Napco Security to $36 from $34 and keeps a Buy rating on the shares. At a recent virtual NDR with management, Napco highlighted progress on the de-stocking of commercial security radios, ongoing strength in the fire alarm radio and door locking products businesses and optimism that the new Prima all-in-one security, video and connected home system will be a strong incremental contributor over the next two years as the product gradually ramps in FY24, the analyst tells investors in a research note.