Identiv upgraded to Buy on expected cyclical bottom at B. Riley

B. Riley upgraded Identiv to Buy from Neutral with a price target of $11, up from $10. The analyst sees expected radio frequency identification internet of things cyclical bottom in the near term and potential for large projects to “eventually hit the on-ramp.” In addition, Identiv should experience gross margin expansion in 2024 as high-cost inventory falls and low-cost Thai manufacturing ramps, the analyst tells investors in a research note.