Emcore price target lowered by $1 at Alliance Global Partners, here’s why

Alliance Global Partners analyst Brian Kinstlinger lowered the firm’s price target on Emcore to $1.50 from $2.50 and keeps a Buy rating on the shares post the Q4 report. The company’s TAIMU subcontract was canceled, which could overshadow its much stronger financial profile in the short term, the analyst tells investors in a research note. The firm says that while Emcore’s booking trends during the September quarter were hurt by some delays, orders recovered in the December quarter and management expects strong trends in the March 2024 quarter. It cites the increased share count for the target drop. – jay