News Flash: Analysts Just Made A Substantial Upgrade To Their Byrna Technologies Inc. (NASDAQ:BYRN) Forecasts
Celebrations may be in order for Byrna Technologies Inc. (NASDAQ:BYRN) shareholders, with the analysts delivering a significant upgrade to their statutory estimates for the company. Consensus estimates suggest investors could expect greatly increased statutory revenues and earnings per share, with the analysts modelling a real improvement in business performance. Investors have been pretty optimistic on Byrna Technologies too, with the stock up 20% to US$12.05 over the past week. It will be interesting to see if today's upgrade is enough to propel the stock even higher.
After the upgrade, the three analysts covering Byrna Technologies are now predicting revenues of US$57m in 2024. If met, this would reflect a huge 33% improvement in sales compared to the last 12 months. The loss per share is anticipated to greatly reduce in the near future, narrowing 44% to US$0.21. However, before this estimates update, the consensus had been expecting revenues of US$47m and US$0.38 per share in losses. We can see there's definitely been a change in sentiment in this update, with the analysts administering a sizeable upgrade to this year's revenue estimates, while at the same time reducing their loss estimates.
Check out our latest analysis for Byrna Technologies
The consensus price target rose 37% to US$13.38, with the analysts encouraged by the higher revenue and lower forecast losses for this year.
Of course, another way to look at these forecasts is to place them into context against the industry itself. We would highlight that Byrna Technologies' revenue growth is expected to slow, with the forecast 33% annualised growth rate until the end of 2024 being well below the historical 48% p.a. growth over the last five years. By way of comparison, the other companies in this industry with analyst coverage are forecast to grow their revenue at 6.5% annually. Even after the forecast slowdown in growth, it seems obvious that Byrna Technologies is also expected to grow faster than the wider industry.
The Bottom Line
The highlight for us was that the consensus reduced its estimated losses this year, perhaps suggesting Byrna Technologies is moving incrementally towards profitability. They also upgraded their revenue estimates for this year, and sales are expected to grow faster than the wider market. With a serious upgrade to expectations and a rising price target, it might be time to take another look at Byrna Technologies.
Better yet, Byrna Technologies is expected to break-even soon - within the next few years - according to analyst forecasts, which would be a momentous event for shareholders. You can learn more about these forecasts, for free on our platform here.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
