Northland lowered the firm’s price target on Northern Technologies to $19 from $20 and keeps an Outperform rating on the shares. The company missed Q4 estimates on higher operating expenditures and a revenue shortfall, the analyst tells investors in a research note. In addition, Northern Technologies had to restate Q2 and Q3 because auditors determined employee retention credits from the CARES act could not be determined probable, says the firm. It believes the stock thesis isn’t broken, but adds the company’s earnings growth has been impacted by COVID-19, inflation, and weak Zerust demand in China and Europe.
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