Emcore price target lowered to $2 from $3.50 at Northland

Northland analyst Tim Savageaux lowered the firm’s price target on Emcore to $2 from $3.50 and keeps a Market Perform rating on the shares after the company reported "much weaker than expected" EBITDA despite slightly higher revenue in fiscal Q4. Emcore offered "flattish" fiscal Q1 guidance, noted Savageaux, who reduced his FY23 estimates following last night’s report.