- Needham analyst James Ricchiuti maintained NAPCO Security Technologies, Inc (NASDAQ: NSSC) with a Buy and raised the price target from $30 to $33.
- NAPCO reported fourth-quarter FY22 net sales growth of 22% year-on-year to $43.2 million, beating the consensus. EPS of $0.20 beat the consensus.
- NAPCO has begun FY23 with strong tailwinds across its business following a better-than-expected Q4’22 report.
- While supply chain challenges will persist into CY23, demand remains strong in NAPCO’s intrusion/fire alarm system and school security businesses.
- The company reported Q4’22 results, highlighted by a healthy upside to revenues, gross margins, adjusted EBITDA, and EPS.
- Key takeaways from the print included continued strength in the recurring revenues business and a significant improvement in equipment gross margins.
- Backlog remains elevated, with the supply chain, the gating factor holding NAPCO back from delivering even more robust growth.
- He raised FY23 and FY24 estimates.
- Canaccord Genuity analyst Michael Walkley reiterated NAPCO with a Buy and lifted the price target from $28 to $36.
- Lake Street analyst Jaeson Schmidt reaffirmed NAPCO with a Buy and increased the price target from $23 to $32.
- Price Action: NSSC shares traded higher by 4.74% at $29.81 on the last check Tuesday.
| Feb 2022 | Needham | Maintains | Buy | |
| Nov 2021 | Needham | Maintains | Buy | |
| Nov 2021 | B. Riley Securities | Downgrades | Buy | Neutral |
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