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TICKERS: SKYX

Leading Retailer To Carry Smart Tech Co.'s Products
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This development should boost commercial and residential sales for this undervalued company with 367% potential upside, noted a Noble Capital Markets report.

SKYX Platforms Corp.'s (SKYX:NASDAQ) smart products are coming to Home Depot due to a new collaboration between the two companies, reported Patrick McCann, research analyst at Noble Capital Markets, in a July 31 research note.

"The partnership with Home Depot is validation of the SKYX technology by a global industry leader," McCann wrote.

SKYX develops safe and smart technologies for homes and commercial buildings, including a weight-supporting ceiling receptacle, technology-enhanced light fixtures, and plug-and-play devices.

367% Upside in Undervalued Stock

Florida-based SKYX was trading at about US$1.07 per share at the time of the report, at a discount to peers, noted McCann. Noble's price target on the tech company is US$5 per share.

"Our price target reflects a multiple of roughly 3.4 times enterprise value to our 2025 revenue forecast, more in line with peers," the analyst wrote. "In our view, the shares offer a favorable risk-reward relationship."

The return implied in Noble's target is 367%.

SKYX remains rated as Outperform.

Significance of Collaboration

This is the first time SKYX's products will be available in a big box retailer's stores, McCann pointed out. They'll be sold on Home Depot's website as well.

The analyst wrote he expects the partnership to positively impact sales of SKYX's products for both residential and commercial purposes.

"The recent announcement should contribute to increased revenue momentum in the back half of the year," he added. "We believe it could also lead to additional partnerships with other large home improvement retailers."

Noble maintained its Q2/24 estimates of US$22 million (US$22M) in revenue and US$4M in adjusted EBITDA. SKYX is expected to report its Q2/24 results on or around August 9.

What To Watch For

Along with potentially increased sales and Q2/24 results, two additional future events stand out as likely catalysts of SKYX's stock, noted McCann.

One is receiving Mandatory Safety Standardization from the National Electrical Code as this could "enhance its revenue growth trajectory," the analyst wrote. The second is the company becoming cash flow positive.


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Important Disclosures:

  1. Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
  2.  This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

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Disclosures for Noble Capital Partners, SKYX Platforms Corp., July 31, 2024

All statements or opinions contained herein that include the words "we", "us", or "our" are solely the responsibility of Noble Capital Markets, Inc. ("Noble") and do not necessarily reflect statements or opinions expressed by any person or party affiliated with the company mentioned in this report. Any opinions expressed herein are subject to change without notice. All information provided herein is based on public and non-public information believed to be accurate and reliable, but is not necessarily complete and cannot be guaranteed. No judgment is hereby expressed or should be implied as to the suitability of any security described herein for any specific investor or any specific investment portfolio. The decision to undertake any investment regarding the security mentioned herein should be made by each reader of this publication based on its own appraisal of the implications and risks of such decision. This publication is intended for information purposes only and shall not constitute an offer to buy/sell or the solicitation of an offer to buy/sell any security mentioned in this report, nor shall there be any sale of the security herein in any state or domicile in which said offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or domicile. This publication and all information, comments, statements or opinions contained or expressed herein are applicable only as of the date of this publication and subject to change without prior notice. Past performance is not indicative of future results. Noble accepts no liability for loss arising from the use of the material in this report, except that this exclusion of liability does not apply to the extent that such liability arises under specific statutes or regulations applicable to Noble. This report is not to be relied upon as a substitute for the exercising of independent judgement. Noble may have published, and may in the future publish, other research reports that are inconsistent with, and reach different conclusions from, the information provided in this report. Noble is under no obligation to bring to the attention of any recipient of this report, any past or future reports. Investors should only consider this report as single factor in making an investment decision.

IMPORTANT DISCLOSURES This publication is confidential for the information of the addressee only and may not be reproduced in whole or in part, copies circulated, or discussed to another party, without the written consent of Noble Capital Markets, Inc. ("Noble"). Noble seeks to update its research as appropriate, but may be unable to do so based upon various regulatory constraints. Research reports are not published at regular intervals; publication times and dates are based upon the analyst's judgement. Noble professionals including traders, salespeople and investment bankers may provide written or oral market commentary, or discuss trading strategies to Noble clients and the Noble proprietary trading desk that reflect opinions that are contrary to the opinions expressed in this research report. The majority of companies that Noble follows are emerging growth companies. Securities in these companies involve a higher degree of risk and more volatility than the securities of more established companies. The securities discussed in Noble research reports may not be suitable for some investors and as such, investors must take extra care and make their own determination of the appropriateness of an investment based upon risk tolerance, investment objectives and financial status.

Company Specific Disclosures The following disclosures relate to relationships between Noble and the company (the "Company") covered by the Noble Research Division and referred to in this research report. The Company in this report is a participant in the Company Sponsored Research Program ("CSRP"); Noble receives compensation from the Company for such participation. No part of the CSRP compensation was, is, or will be directly or indirectly related to any specific recommendations or views expressed by the analyst in this research report. Noble has provided capital markets advisory services in the last 12 months. Noble has received compensation for non-investment banking services in the past 12 months. Noble intends to seek compensation for investment banking services and non-investment banking services (securities and non-securities related) within the next 3 months. Noble is not a market maker in the Company.





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