AXT Inc. price target lowered to $5 from $8 at Needham

Needham analyst Charles Shi lowered the firm’s price target on AXT Inc. to $5 from $8 but keeps a Buy rating on the shares. The company’s Q1 results reported last month were in-line with estimates, while its Q2 guidance for flat revenue is signaling that the business has likely reached the bottom this cycle, the analyst tells investors in a research note. AXT’s $20M per quarter run rate in the first half of the year is in-line with the company’s bottom-level run rate since 2010, confirming its view that the worst is already in the rear view mirror, the firm added.