- Needham analyst N. Quinn Bolton initiated coverage of Rockley Photonics Holdings Ltd (NYSE:RKLY) with a Buy rating and a $15 price target, indicating a 60.3% upside.
- Rockley has developed a unique optical sensing platform targeted at digital health monitoring applications that offer higher accuracy, superior resolution, and broader spectral range than current LED-based optical sensors, Bolton notes.
- Bolton expects initial customer platforms to be introduced in late 2022 and forecasts a strong revenue ramp in 2023 and 2024.
- Price Action: RKLY shares traded higher by 3.72% at $9.75 on the last check Tuesday.
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