Digi International price target raised to $50 from $45 at Piper Sandler

Piper Sandler analyst Harsh Kumar raised the firm’s price target on Digi International to $50 from $45 and keeps an Overweight rating on the shares. The analyst said the 10% growth guide for fiscal 2023 is encouraging, as the backlog continues to grow. Kumar noted, however, that the company is navigating a "tough line" between modest levels of supply constraints and a deteriorating macro backdrop.