SKYX Platforms Corp. (SKYX:NASDAQ) will provide various products through Home Depot thanks to a new collaboration, and this "sets the stage for market penetration," reported The Benchmark Co.'s analyst Michael Legg in a July 30 research note.
The U.S.-based firm provides smart electrification products for residential and commercial uses.
"We believe the best is yet to come," wrote Legg, as SKYX awaits a Mandatory Safety Standardization from the National Electric Code, "including partnerships with major retailers and lighting manufactures, helping provide a supply chain of product for builders and consumers alike."
400% gain implied
Given the news, the analyst noted, Benchmark maintained its Buy rating and its $5 per share price target on the smart technology company.
"Our $5 target price is based on a 20-year net asset value calculation, factoring a 25% discount rate," Legg wrote.
Given SKYX's current share price is about $1, the return to target represents a potential gain for investors of 400%.
What, when and where
In the coming months, on Home Depot's website, consumers will be able to find various SKYX Advanced and Smart Plug & Play Products, including retrofit kits, smart ceiling fans and light fixtures, ceiling outlet receptacles and recessed lights, reported Legg. Also, select Home Depot stores will carry some of SKYX's retrofit products as a fixture upgrade.
"SKYX's Home Depot announcement coupled with [its] previous Ruee appliance announcement paves the way for significant visibility through product placement within Home Depot and through the mass production capabilities of Ruee, to substantially increase the selection of product available to consumers and professionals alike," commented Legg.
Positive site visit
In other news, Benchmark analysts made a site visit to SKYX's headquarters in Florida and met with management, wrote Legg. They were impressed with the company's long-term strategic positioning and patent portfolio.
Increasing product visibility
The partnership with Home Depot is the latest in a series for SKYX with other companies, noted Legg, namely General Electric, Kichler and Quoizel.
By agreement, General Electric may license SKYX's patented advanced and smart home platform technologies. Kichler and Quoizel each may include, in their respective online, retail and professional channels, SKYX's advanced smart and standard products.
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