Intrusion price target lowered to $2.25 from $4 at B. Riley

B. Riley analyst Zach Cummins lowered the firm’s price target on Intrusion to $2.25 from $4 and keeps a Neutral rating on the shares post the Q4 results. The company’s’ revenue and adjusted EBITDA were below consensus due to the loss of a lower-margin contract within the legacy consulting business and the churn of another early adopter of Shield, the analyst tells investors in a research note. However, the firm is encouraged by the improvement in gross margin that should continue in fiscal 2023 as Shield revenue becomes a greater portion of the total revenue mix.