Movella price target lowered to $1.50 from $2.50 at Stifel

Stifel lowered the firm’s price target on Movella to $1.50 from $2.50 and keeps a Buy rating on the shares after the company filed an 8-K indicating the need to restate its Q1 and Q2 of FY23 financials. The firm is leaving its estimates and model unchanged at this time, but adjusting its price target based on 1.6x EV/CY24 sales given the pending restatement.