Baird lowered the firm’s price target on Methode Electronics to $42 from $49 and keeps a Neutral rating on the shares. The firm said we are preliminarily adjusting our out-year estimates ahead of its formal 4QF23 report on June 22, but holding off on adjusting 4QF23 itself absent non-GAAP reconciliations. We would be more interested in taking advantage of weakness lower-$30s, coupled with cyclical auto trading tailwinds.
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