Akoustis downgraded to Neutral from Buy at B. Riley (yesterday)

As previously reported yesterday afternoon, B. Riley analyst Craig Ellis downgraded Akoustis Technologies to Neutral from Buy with a price target of $1.75, down from $9.25. The company’s fiscal Q4 report was mixed versus consensus with in-line sales but lower earnings, while Q1’s down 15% quarter-over-quarter revenue guidance was well below expectations as a multi-quarter inventory correction hits all businesses, the analyst tells investors in a research note. The firm now believes the two primary positive thesis elements – WiFi’s steady growth and mobile’s initial volume ramp – are pushed out materially. Akoustis’ near-term outlook is “significantly more challenged,” and uncertainty over a 2024 revenue ramp is “much greater.”