Despite the Decline, This Analyst is Still Bullish on Filtronic Shares

Cavendish reiterated its Buy rating on Filtronic (LON: FTC) and raised its target price on the stock after the company’s full-year results, remaining upbeat even as the shares fell following the print.

Filtronic dropped more than 7% on Tuesday to 233 pence after the results, before recovering 3.9% on Wednesday to 242 pence. Cavendish set a new target of 290 pence on FTC, which represents around 19.8% upside from the current price.

Director of Research Edward Stacey told investors that Filtronic reported full-year results “slightly ahead of the raised guidance” issued on June 23, with revenue of £55.5m and adjusted EBITDA of £11.3m.

He described the year as “a transition year,” marked by the introduction of next-generation technologies and a move to a new production facility, adding that the company “enters FY27 with a record order book and new products on track for entry into service.”

Furthermore, Cavendish highlighted significant investment during the year, including completion of the new technology centre at Sedgefield and work on next-generation gallium nitride amplifier products, which are set to ramp into full-scale production in the second half of fiscal 2027.

Commercial wins included a record $62.5m order from SpaceX and a £13.4m order from a major European defence prime.

The firm made no changes to its fiscal 2027 forecasts and introduced fiscal 2028 estimates showing revenue growth of 25%. Cavendish said the investments leave Filtronic “well positioned for its next phase of growth,” with revenue drivers “now becoming more broadly based.”