FARO Techs (FARO) is Upgraded by Needham to Buy, Price Target at $37

FARO Techs (FARO) is Upgraded by Needham to Buy according to the research report released to the investors. The brokerage firm has set the Price Target of the shares at $37. Earlier the firm had a rating of Hold on the company shares. The shares recommendation by the Brokerage Firm was released on Dec-22-2015.

Shares of FARO Technologies, Inc. (NASDAQ:FARO) ended Thursday session in red amid volatile trading. The shares closed down 0.34 points or 1.17% at $28.71 with 101,295 shares getting traded. Post opening the session at $29.16, the shares hit an intraday low of $28.42 and an intraday high of $29.63 and the price vacillated in this range throughout the day. The company has a market cap of $499 million and the number of outstanding shares has been calculated to be 17,397,359 shares. The 52-week high of FARO Technologies, Inc. (NASDAQ:FARO) is $65.63 and the 52-week low is $24.25.

During the last several months other analysts have commented on the company rating. Canaccord Genuity upgrades their rating on the shares of FARO Technologies, Inc. (NASDAQ:FARO). The current rating of the shares is Buy. Earlier, the shares were rated a Hold by the brokerage firm. Equity Analysts at the Firm raises the price target to $32 per share from $30 per share. The rating by the firm was issued on November 18, 2015.

Research firm Zacks has rated FARO Technologies, Inc. (NASDAQ:FARO) and has ranked it at 4, indicating that for the short term the shares are a sell. 8 Wall Street analysts have given the company an average rating of 2.75. The shares has received a hold rating based on the suggestion from 7 analysts in latest recommendations. Strong buy was given by 1 Wall Street Analysts.

FARO Technologies, Inc. (NASDAQ:FARO): The mean estimate for the short term price target for FARO Technologies, Inc. (NASDAQ:FARO) stands at $36.5 according to 4 Analysts. The higher price target estimate for the stock has been calculated at $40 while the lower price target estimate is at $30.

FARO Technologies Inc. has dropped 0.52% in the last five trading days, however, the shares have posted positive gains of 3.13% in the last 4 weeks. FARO Technologies Inc. has dropped 21.84% during the last 3-month period . Year-to-Date the stock performance stands at -54.2%.

FARO Technologies, Inc., designs, develops, manufactures, markets and supports portable, software driven, three-dimensional (3-D) measurement and imaging systems used in a range of manufacturing, industrial, building construction and forensic applications. The Company has three segments based upon geographic regions: Americas, Europe/Africa and Asia Pacific. Its FaroArm, FARO Laser ScanArm and FARO Gage articulated measuring devices, the FARO Laser Tracker ION, the FARO Focus3D, the FARO 3D Imager AMP, and their companion computer-aided measurement (CAM2) software, provides Computer-Aided Design (CAD)-based inspection and factory-level statistical process control and high-density surveying. In July 2014, FARO Technologies Inc acquired The CAD Zone Inc., a software provider in the law enforcement accident and crime scene reconstruction market. In August 2014, the Company acquired CAD Zone, Inc.