Ouster price target raised to $34 from $16 at Oppenheimer

Oppenheimer analyst Colin Rusch raised the firm’s price target on Ouster (OUST) to $34 from $16 and keeps an Outperform rating on the shares. The firm is encouraged by Ouster’s ongoing customer momentum. Oppenheimer’s recent management meetings pointed to 100 out of 1K end-customers as major industrial OEMs at varying stages of 5-year average process of commercializing first autonomy platform, noting less than five were brought into commercial production and scale so far. The firm believes Ouster is well positioned to convert a majority of those customers driving a steady cadence of growth. Additionally, it views the Blue Unmanned Aerial Systems approval as positive for Ouster’s exposure to the rapidly evolving defense market.