Needham & Company initiated coverage on GSI Technology with a Buy rating and a $9.00 price target. This valuation represents a 76% potential upside from the previous closing price of $5.11.
The company is currently transitioning from its legacy SRAM memory business to developing a proprietary Associative Processor Unit for edge AI. Needham’s outlook reflects confidence in this strategic shift toward the AI chip market.
GSI Technology recently reported a quarterly loss of $0.13 per share. Revenue reached $6.31 million, beating earnings expectations but missing revenue estimates. Institutional ownership in the company currently stands at 33.15%.