On May 28, Zacks Investment Research upgraded
LightPath Technologies Inc.
) to a Zacks Rank #1 (Strong Buy).
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Why the Upgrade?
This optical product manufacturer delivered positive earnings
surprises in 3 of the last 4 quarters with an average beat of
111.11%. LightPath Technologies has witnessed an upward revision
in earnings estimates on the back of strong first quarter 2013
LightPath Technologies' third quarter fiscal 2013 earnings per
share came in at 2 cents, surpassing the Zacks Consensus Estimate
by 100%. The results benefited from the growth in mobile Internet
usage and gradual recovery in the Chinese industrial tool
markets. In addition, the diversified product offering of
LightPath Technologies, serving a wide range of customers, also
boosted the top line.
The strong performance of LightPath Technologies is reflected in
the booking and bulging backlog of the company. In the reported
quarter booking exceeded $3 million, while shipments touched
$2.85 million. In addition, backlog at the end of Mar 31, 2013
was $5.01 million reflecting an increase of 14% from the prior
LightPath Technologies is most likely to repeat its strong
performance in the upcoming quarters. The company is expected to
register higher sales in the precision modeled lens product line,
which is mainly due to an increase in mobile Internet usage. In
addition, higher demand from the Chinese market and entry into
the digital projection market will ensure a steady flow of
The Zacks Consensus Estimate for 2013 increased 20% to 6 cents
per share as all estimates were revised higher over the last 30
days. This is reflected in a year-over-year projected growth of
Other Stocks to Consider
Besides LightPath Technologies other operators in the industry
with a favorable Zacks Rank are
Maxwell Technologies Inc.
). Maxwell and Stoneridge presently carry a Zacks Rank #1 (Strong
Buy), while CalAmp Corp. has a Zacks Rank #2 (Buy).