Akoustis price target lowered to $7 from $8 at Oppenheimer

Oppenheimer analyst Rick Schafer lowered the firm’s price target on Akoustis to $7 from $8 and keeps an Outperform rating on the shares after the company reported an in-line Q1 print and outlook for its fiscal Q2. While he sees the potential for multiple expansion as revenue ramps and management executes on WiFi, 5G RAN, and mobile milestones, his lower target reflects group multiple compression, Schafer said.