Jerash Holdings price target lowered to $6 from $7 at DA Davidson

DA Davidson analyst Michael Baker lowered the firm’s price target on Jerash Holdings to $6 from $7 but keeps a Buy rating on the shares. The company’s Q4 sales and profit numbers missed expectations as the macro environment continues to weigh on key customer ordering trends and gross margins have been impacted by a mix shift toward lower margin products, the analyst tells investors in a research note. Even with the lower sales however, Jerash is seeing signs of better demand ahead from new customers, including from their Busana joint venture, the firm added.