Seeing Machines Ltd's (AIM:SEE, OTC:SEEMF) trading update passed muster with investment bank Stifel, which restated its 'buy' advice and 13p a share price target.
In afternoon trading the stock was trading sideways at 5.1p after the driver safety specialist said revenues for the financial year to June 30 would be in the order of $67.6 million.
Stifel said the number was 3% ahead of its forecasts, while cash reserves of $23.5 million were in line with market consensus. The eye-tracking specialist remains on target to hit cash flow break-even in the financial year 2025.
"Seeing Machines looks increasingly well positioned both strategically, with two major Tier 1 automotive suppliers (Magna and Valeo) aligned with the company," the investment bank said.