Ondas price target raised to $5 from $2.50 at Lake Street

Lake Street raised the firm’s price target on Ondas (ONDS) to $5 from $2.50 and keeps a Buy rating on the shares. The OAS drones business continues to gain strong traction in the defense market, says the analyst, who is confident the company is on track to achieve significant revenue growth over the coming years as Ondas continues to execute on its strategic roadmap. While acknowledging the 104% price movement over the past month, the firm feels the “large greenfield opportunity and revenue growth trajectory can continue to drive the multiple higher,” the analyst added in a post-earnings note.