Ouster price target lowered to $3 from $5 at Cantor Fitzgerald

Cantor Fitzgerald analyst Andres Sheppard lowered the firm’s price target on Ouster (OUST) to $3 from $5 and keeps an Overweight rating on the shares, citing lower revenues, lower gross margins and lower-than-expected guidance. The firm continue to believe that Ouster benefits from a flexible product line, a multi-market business strategy and a robust and diversified customer base, but expects a slower-than-anticipated integration with Velodyne (VLDR), compressing gross margins in the short term, the analyst tells investors in a research note.