inTEST price target lowered to $20 from $28 at Northland

Northland lowered the firm’s price target on inTEST to $20 from $28 and keeps an Outperform rating on the shares after the company reported an in-line Q3 and provided “disappointing” Q4 guidance due to a broad-based slowing of market activity, particularly in semiconductor and industrial sectors. While the firm expects this softness to persist through the first half of 2024 and revised its forecast to reflect this, it continues to think inTEST can generate $15M-$20M in annual free cash flow, which it sees supporting “a $20-$30 valuation.”