Napco Security price target lowered to $28 from $32 at DA Davidson

DA Davidson lowered the firm’s price target on Napco Security (NSSC) to $28 from $32 and keeps a Buy rating on the shares after meeting with its management team. The firm notes that while end demand across the locking/access control/alarm space appears to be firm despite the fairly substantial market crosswinds, though the discussions also revealed ongoing inventory rationalization efforts across several significant hardware distributors, prompting it to update estimates ahead of Napco’s Q3 results, the analyst tells investors in a research note.