Ouster price target lowered to $1 from $1.70 at Citi

Citi analyst Itay Michaeli lowered the firm’s price target on Ouster to $1 from $1.70 and keeps a Neutral rating on the shares. The company’s Q4 results were light on revenue and gross margin, while the Q1 revenue guide also looked light relative to 2023 expectations, the analyst tells investors in a research note. However, the Velodyne merger extends Ouster’s cash runway to allow the company to execute the integration this year, contends Citi.