VELO Initiated Buy
Needham initiates coverage of Velo3D with a Buy rating, citing its leading metal additive manufacturing platform and potential for accelerating revenue growth
VELO Needham initiated coverage of Velo3D with a Buy rating and $33 price target.
The company's "leading" metal additive manufacturing platform is becoming a critical enabling technology for the reindustrialization of the U.S. aerospace and defense industrial base, the analyst tells investors in a research note.
Needham sees the ramping of U.S. defense spending and the prioritizing of rebuilding the domestic defense industrial base represents long-term tailwinds for Velo3D that should translate into accelerating revenue growth and "robust" margin expansion.