Ondas Holdings Inc. (ONDS) stock is soaring 5.36% in pre-market trading on Tuesday, driven by positive analyst coverage from a prominent investment bank. The surge comes as investors react to Needham & Company's bullish stance on the company.
Needham has initiated coverage of Ondas Holdings with a Buy rating and set a price target of $5 for the stock. This target represents significant upside potential from the stock's previous closing price. The investment bank's positive outlook is based on their assessment of Ondas' business prospects and market position.
Adding further weight to their recommendation, Needham has also included Ondas Holdings in their Conviction List. This move signals the investment bank's strong confidence in the company's potential for outperformance. The inclusion in the Conviction List typically indicates that Needham believes Ondas represents one of their best investment ideas among companies with a Buy rating.