Jerash Holdings price target lowered to $5 from $6 at Lake Street

Lake Street lowered the firm’s price target on Jerash Holdings to $5 from $6 and keeps a Buy rating on the shares after the company reported fiscal Q2 results that came in below the firm’s estimates. Retailers are running low inventories given the economic environment and management now expects revenues to be down 3-5% year-over-year for FY24, noted the analyst, who argues that Jerash is “well-positioned for the inevitable bounce when the market normalizes and ordering patterns resume.”