Kore Group price target lowered by 10c at Morgan Stanley, here’s why

Morgan Stanley analyst Meta Marshall lowered the firm’s price target on Kore Group to 60c from 70c and keeps an Equal Weight rating on the shares. The firm, which notes that its networking coverage is down about 3% for the year and lagging every other industry within the technology sector, is upgrading its North American Telecom & Networking Equipment industry view to In-Line as it sees the demand gap as “largely built into valuations.” The firm believes demand will come back in stages throughout 2024, but given inventory digestion, is “mindful it will likely only drive in-line performance for the industry,” the analyst tells investors.