Iridex price target lowered to $2 from $3 at Stifel

Stifel lowered the firm’s price target on Iridex to $2 from $3 and keeps a Hold rating on the shares. This was a “challenging quarter” for the company, with revenue missing estimates, G6 probe shipments “notably light,” and a reduction in FY23 revenue guidance, the analyst tells investors. With limited views into growth re-accelerating in the near term, the firm remains neutral on the stock until visible signs of traction emerge.