D. Boral Capital is a premier global investment bank headquartered in New York, dedicated to delivering strategic advisory and financial solutions to middle-market and emerging growth companies. D. Boral Capital has successfully raised over $23 billion in capital for its clients since its inception in 2020, executing approximately 300 transactions across a broad range of investment banking products. The company was recently approved as a NASDAQ member, allowing it to act as a principal lead underwriter on the exchange.
D. Boral was involved in the most IPO’s and the most SPAC issuances in the United States over the past three years. The company has recently started covering public companies with its equity research and analyst division, initially focusing on businesses for which it has advised and helped raise capital. D. Boral issues a Buy rating if it believes the stock will return at least 10% more than the S&P 500 over a 12-month period from the time of issuance.
Here we’ll take a look at three compelling companies currently covered by D. Boral analysts, all with Buy ratings and plenty of upside potential: MicroVision, Inc. (Nasdaq: MVIS), Aduro Clean Technologies, Inc. (Nasdaq: ADUR) (CSE: ACT) (FSE: 9D5), and Crexendo, Inc. (Nasdaq: CXDO). All provide innovative technology solutions in critical growth markets.
Microvision
D. Boral initiated coverage of MicroVision on February 10, 2025 with a Buy rating and a price target of $3/share. The stock closed trading on Friday February 7 at $1.51/share, so the price target represents 99% upside. D. Boral acted as co-lead agents for the company’s most recent financing of $17 million.
MicroVision specializes in sensing and display technologies, with applications in industries including robotics, automated warehouse, and agriculture, and the automotive industry accelerating advanced driver-assistance systems (ADAS) and autonomous driving, as well as for military applications.
The company’s most immediate revenue opportunity probably lies in the ADAS and autonomous driving sector of the automotive industry. If your car warns you of potential hazards and corrects your steering when you’re about to go off the road, MicroVision has the technology that makes it happen. According to Markets and Markets, the global automotive Light Detection and Ranging (LiDAR) market was valued at $1.19 billion in 2024 and is expected to grow to nearly $10 billion by 2030. This represents just one of several target verticals for MicroVision’s technology.
Still 2-3 years away from meaningful revenue, D. Boral highlights the company’s strong cash position and inroads with top-tier global automotive equipment manufacturers as the basis for its buy rating and price target. The stock closed yesterday at $1.39/share, and MicroVision is scheduled to announce fourth quarter and full year 2024 results later today.
Aduro Clean Technologies
Aduro Clean Technologies has developed its Hydrochemolytic™ technology platform capable of recycling almost any kind of plastic waste with minimal sorting and cleaning required. The technology is currently being tested by several multinational energy and plastics companies and is probably two years away from generating meaningful revenue. With less than 10% of plastic waste currently being recycled, plastic production continuing to escalate, and governments and corporations committing to developing a plastic circular economy, technical recycling solutions are sorely needed.
D. Boral initiated coverage on March 6, 2025 with a Buy rating and a price target of $50/share. Aduro’s shares opened trading that day at $5.09/share, so the price target represents an 882% premium. The analyst compared Aduro’s technology capabilities to peers in the advanced plastic recycling space and found it superior in large part due to its ability to process a wide variety of plastic types. Most technologies can only handle one type of plastic.
Aduro’s platform also has applications in the upgrading of very heavy crude oil (bitumen) so it can be transported and processed, as well as in the recycling of renewable biofuels. Together with the plastic recycling, Aduro is addressing over $290 of market opportunity.
The company is pre-revenue and is currently in the pilot stage of proving its technology at scale for the plastics and bitumen applications. Aduro stock closed yesterday at $5.18/share, with its YTD high sitting at $6.28/share. The very high upside pointed out by D. Boral reflects a confidence in the technology’s ability to disrupt the multi-billion dollar plastics and energy industries.
Crexendo
Crexendo operates a business model centered around providing cloud communication platforms, video collaboration services, and managed IT solutions to corporate clients in the United States. D. Boral initiated coverage on January 21, 2025 with a Buy rating and a price target of $7/share. On March 6, D. Boral reiterated the Buy rating and raised the price target to $10.
Crexendo’s NetSapiens platform recently surpassed the six million end user mark and garnered its fifth straight Product of the Year Award from Internet Telephony, piggybacking on its recent Generative AI Expo Product of the Year award. The company’s AI-driven innovation lies at the heart of its success in disrupting the rapidly changing telecom sector.
D. Boral’s raised price target came just after Crexendo reported 14% revenue growth year-over-year for 2024, with the bulk of the growth fueled by 30% growth in its software solutions division. The analyst expressed confidence in continued double digit revenue growth in the coming years.
Crexendo closed yesterday’s trading at $5.43/share. The stock opened at $5.46/share when D. Boral initiated coverage, closed at $6.98 on February 20, and closed at $7.16 on March 5 the day before D. Boral adjusted the price target upward.
Conclusion
D. Boral Capital is one of the United States’ leading investment banks, conducting due diligence and raising capital for mid-market innovators operating in high-growth sectors. Investors are encouraged to take a look at the company’s recommendations, there could be some gems to discover and follow like the three companies discussed here.
