Windward Ltd's (AIM:WNWD) full-year results demonstrated the maritime AI group's "strength of momentum", according to Panmure Gordon, which reiterated its 'buy' recommendation Wednesday.
Raising its price target to 147p a share from 129p, it said: "a mix of credibility from supplying to multiple US government departments and other government organisations, growing maritime regulation, geo-political factors and attractive AI-based actionable intelligence products are propelling strong growth in both government and commercial markets."
Panmure pointed out the loss narrowed to just $1.2 million in the second half of 2023 meaning Windward is on the cusp of breakeven, with a move quickly into profit to come as the high operational leverage (with gross margins of around 80%) feeds through.
In early afternoon trading the stock was up 2.89p at 110.89p.