B. Riley raised the firm’s price target on Iteris to $8.50 from $6 and keeps a Buy rating on the shares post the fiscal Q3 report. The firm slightly lowered fiscal 2024 estimates, reflecting the Q3 upside and Q4 seasonality, a tough compare and potential budget delays associated with the federal government. However, Iteris’s margin recovery and growth is intact, the analyst tells investors in a research note.
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