Everspin Technologies price target lowered to $11 from $12 at Craig-Hallum

Craig-Hallum analyst Richard Shannon lowered the firm’s price target on Everspin Technologies to $11 from $12 and keeps a Buy rating on the shares. The firm notes Everspin is starting to see the inventory burn across its Industrial/Auto markets, some of it related to China, driving its Q1 guidance easily below consensus, as feared. However, Craig-Hallum thinks the effects of the burn will be short-lived, as new STT-MRAM products are poised to drive growth in the second half of 2024.