Raymond James double downgraded Byrna Technologies to Market Perform from Strong Buy without a price target following the company’s negative pre-release yesterday. The analyst continues to believe in Byrna’s social mission to reduce gun violence, sees an immense total addressable market, and views its portfolio of products as best in class. However, it is difficult to find a company controlled catalyst to drive durable appreciation anytime soon, the analyst tells investors in a research note. The downgrade reflects the ongoing quarterly volatility, the erosion of 70% of cash balances since Q1 of 2023 and potential for ongoing negative free cash flow, contends the firm.
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