Movella price target lowered to $5 from $7 at Stifel

Stifel analyst Tore Svanberg lowered the firm’s price target on Movella to $5 from $7 and keeps a Buy rating on the shares following the company’s report of "roughly in-line" December quarter sales and worse-than-expected non-GAAP losses. No March quarter guidance was provided, but the firm expects revenue to decline "materially" quarter-over-quarter, Stifel added. However, the firm believes Movella could see a recovery in its business in the second half and cites valuation for its Buy rating.