MagnaChip price target lowered to $10 from $15 at Roth MKM

Roth MKM analyst Suji Desilva lowered the firm’s price target on MagnaChip to $10 from $15 but keeps a Buy rating on the shares. The company’s Q3 revenues were flat as display revenue retreatedg in the quarter, the analyst tells investors in a research note. The firm adds however that while power semiconductor revenue is expected to be impacted by continued inventory digestion and seasonality, it has also raised its 2024 revenue forecast, reflecting OLED shipment resumption.