AXT Inc. price target lowered to $2.40 from $3.30 at B. Riley

B. Riley analyst Dave Kang lowered the firm’s price target on AXT Inc. to $2.40 from $3.30 and keeps a Neutral rating on the shares post the Q3 report. The company is still caught in an inventory correction cycle based on its results and outlook, the analyst tells investors in a research note.