Shares of the radar manufacturer soared following the report. An analyst expects them to rise another 120%.

Shares of Lyntris, a developer of military radar and communications systems, surged nearly 21% on November 5 following the company’s first earnings report since going public. The company’s revenue and adjusted earnings per share exceeded Wall Street expectations. Several analysts immediately raised their ratings on Lyntris shares, and Guggenheim sees the potential for the stock to more than double in value.

Shares of the defense and technology company Lyntris rose 20.77% to $11.34 during trading on the New York Stock Exchange on November 5.

Lyntris’s revenue for the third quarter of 2026 increased 90% year-over-year to $194 million. Analysts’ consensus estimate had projected revenue of $136.9 million, according to Barron’s. Lyntris also reported adjusted earnings of 15 cents per share. Analysts had expected 8 cents per share. Under GAAP, however, Lyntris posted a net loss of $3 million, or 3 cents per share.

One piece of good news was the growth in the order backlog: as of September 30, it had increased by 113% since the end of 2025, reaching $1.01 billion.

The company’s forecast also gave investors cause for optimism. The company expects revenue for the full year 2026 to range from $623 million to $630 million. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) is projected to be between $95.5 million and $97 million. Thus, Lyntris forecasts revenue growth of approximately 61% and adjusted EBITDA growth of 54% compared to the actual results for 2025 (based on the midpoint of the forecast range).

Lyntris provides communications and radar solutions for the military—from early threat detection to the execution of countermeasures.

The company held its IPO on August 19 of this year at a price of $17.50 per share, raising approximately $67 million in net proceeds from the offering, according to Lyntris. Even after a surge on November 5, the stock closed 35% below its IPO price. The day before, it had lost nearly 20% amid a sell-off in the defense sector following the Democrats’ victory in the U.S. midterm congressional elections, Barron’s notes.

In light of the news, several analysts immediately revised their outlook on the company to the upside. Guggenheim analyst Michael Chiaromoli reaffirmed his “buy” rating on Lyntris shares and raised the price target from $20 to $25, implying 120% upside potential relative to the last closing price. “The positives clearly outweigh any potential negatives,” Barron’s quotes Chiaromoli as saying. Analyst Peter Arment upgraded his rating from “Neutral” to “Outperform” (equivalent to a “buy” recommendation), while maintaining his price target at $18 (59% upside potential).

For his part, Raymond James analyst Brian Gesuail upgraded his recommendation from “Outperform” to “Strong Buy,” while maintaining a price target of $18. He believes that the market views Lyntris as a typical IT contractor for government agencies, whereas the company’s growth rate and its profile in the defense technology sector warrant a higher multiple.

Evercore ISI analyst Amit Daryani is more cautious—she maintained the “Outperform” rating but lowered the price target from $22 to $17. She sees upside potential of 50% from the most recent closing price.

Overall, Wall Street is unanimous in recommending that investors buy Lyntris stock: all seven analysts share this recommendation. The average price target—$19.67—is 74% higher than the stock’s most recent closing price.