Digi International price target lowered to $45 from $48 at Canaccord

Canaccord lowered the firm’s price target on Digi International to $45 from $48 and keeps a Buy rating on the shares. The firm said the company’s results substantiate their expectations of sustained cash flow generation longer term, driven by Digi’s strong IoT Products & Services gross margins, their expectations for healthy growth of its IoT Solutions business, and increasing contribution from higher-margin recurring revenue