Peraso price target lowered to $4 from $9 at Benchmark

Benchmark analyst David Williams lowered the firm’s price target on Peraso to $4 from $9 and keeps a Speculative Buy rating on the shares. Peraso’s Q4 revenue decline was largely in-line with the preliminary results announced in late January and the inventory depletion cycle is nearing completion as the FWA business “shows signs of strong momentum,” the analyst tells investors. Though the FWA market adoption has been “much slower to develop than we had hoped,” the firm believes the recent capital raise, improving demand backdrop, and EOL revenue will enable Peraso to “regain its footing with a pathway to profitability becoming transparent,” the analyst added.