CalAmp price target lowered to 30c from 50c at Craig-Hallum

Craig-Hallum lowered the firm’s price target on CalAmp to 30c from 50c and keeps a Hold rating on the shares. As the macro environment remains weak and interest rates remain high, the firm believes CalAmp is in a difficult position with a large debt overhang and continued weak results and guidance. Craig-Hallum thinks investors should remain on the sidelines as the majority of CalAmp’s $274M debt balance comes due beginning in 2025. The firm also notes that the company reported weak results for the November quarter driven by continued headwinds in its TSP business.