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Neonode: Promising turnaround towards inflection point - Redeye

Redeye lifts estimates after the promising partner development for HMI Products within contactless touch, and the positive development of the military customer within HMI Solutions. We raise our base case. Larger orders for HMI Products, news on Aequitas, or name announcement of military customers are potential catalysts.

Based on our higher sales estimates across the board, we raise our base case to USD 9 (8)
per share, and our bear case to USD 4 (3). Our reasonably optimistic scenario remains at
USD 18.
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