Phunware price target adjusted to $12 from $1 at H.C. Wainwright after split

H.C. Wainwright analyst Scott Buck adjusted the firm’s price target on Phunware to $12 from $1 and keeps a Buy rating on the shares, accounting for the company’s recent 1-for-50 reverse share split. Phunware announced 2023 operating results, but the annual results take a “backseat” as management also laid out its strategic plan for growth, says the analyst, who expects the company’s shift in selling strategy to resonate with customers, leading to new partner wins. The firm, which believes the company is “significantly better-positioned today than even six months ago to execute on its current growth strategy,” recommends investors build a position ahead of improving operating results.