Brooks Automation (NASDAQ:BRKS) Has Room to Move Up Says Needham

Brooks Automation (NASDAQ:BRKS), even though it has enjoyed a nice run, still has room to move up, according to Needham & Company.

Needham says, "Following the company’s presentation at the Needham Growth Conference, we came away incrementally more positive on BRKS. In conjunction with our conference recap note published today, we are updating our revenue and EPS estimates, and we raise our price target reflecting better industry fundamentals, a faster ramp of revenue from adjacent markets, and expanding comparable multiples. Despite the recent run-up in share price, we see room for additional upside due to BRKS’ improved operating model, expanding end markets and low Street expectation."

Needham & Company reiterates a "Buy" rating on Brooks Automation Inc., which closed Friday at $11.85, gaining $1.62, or 15.84 percent. Needham raised their price target on Brooks from $10 to $13.