Edgio price target lowered to $1.50 from $2 at Lake Street

Lake Street analyst Eric Martinuzzi lowered the firm’s price target on Edgio to $1.50 from $2 and keeps a Buy rating on the shares. Edgio guided 2023 below the firm’s prior estimate, which it had previously lowered for the removal of Open Edge, and the firm reduced estimates accordingly. However, Lake Street believes the company has “accomplished a good deal of heavy lifting in product, in personnel, and in the financial restatement,” the analyst added.