Broadwind price target lowered to $4 from $6 at Roth MKM

Roth MKM lowered the firm’s price target on Broadwind to $4 from $6 and keeps a Buy rating on the shares. The company’s Q3 topped estimates and the management reiterated 2023 guidance, though the key update in the quarter was the push-out of half of Broadwind’s contracted 2024 tower volumes into 2025, which drove shares down 27%, the analyst tells investors in a research note. Given the large shift in volumes, the firm has “meaningfully cut” its 2024 estimates, Roth MKM added.