Evolv price target lowered to $6.50 from $8.50 at Northland

Northland lowered the firm’s price target on Evolv to $6.50 from $8.50 and keeps an Outperform rating on the shares. Evolv posted inline revenue and beat on subscription revenue, but was slightly light on EBITDA and management reported sales cycles elongated as school districts in particular are taking longer to decide given the SEC investigation. Following the report, the firm is lowering FY24 revenue to $100M from $114M and keeping its EBITDA forecast “about the same.”