Cadre price target lowered to $28 from $32 at Roth MKM

Roth MKM analyst Matt Koranda lowered the firm’s price target on Cadre to $28 from $32 after its Q4 earnings miss and guidance but keeps a Buy rating on the shares. While the quarter saw a "nice top line beat" on double digit growth in core products like duty gear and holsters, the company’s EBITDA was in-line as product mix seemingly held back gross margins, the analyst tells investors in a research note. The firm also notes that the management’s 2023 outlook appears somewhat below prior consensus, though it also views the conservative approach to the guide as "appropriate in the current environment".