Needham analyst Ryan Koontz lowered the firm’s price target on Lantronix to $7 from $8.50 and keeps a Buy rating on the shares. The company reported Q2 results that were close to consensus but meaningfully cut its FY24 revenue and EPS guidance on excess inventory and a project push-out, the analyst tells investors in a research note. Q2 strength was driven by Lantronix volume shipments to Gridspertise as well as EV manufacturer Togg, with Gridspertise revenue also remaining on track to surge in the second half of the year, though the step down in outlook is concerning with respect to the resilience of Lantronix’s core internet of things-related business, the firm added.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on LTRX:
- Lantronix to Participate in 36th Annual Roth Conference Held March 17–19, 2024
- Lantronix announces Snapdragon 8 Gen 3 mobile HDK
- Lantronix Announces Snapdragon 8 Gen 3 Mobile Hardware Development Kit for Qualcomm 8650 System-on-Chip
- Lantronix announces notice of inducement grants
- Lantronix Names Kurt Hoff as Vice President, Worldwide Sales