As previously reported, Piper Sandler downgraded Akoustis to Neutral from Overweight with a price target of $1, down from $2, given its views regarding the wireless segment. The firm believes the segment for 5G infrastructure, handsets and consumer devices using Wi-Fi will be constrained in the first half of 2024. In addition, the revenue traction at Akoustis has been less than what Piper had originally anticipated. Finally, the firm feels that while the technologies at Akoustis remain promising, it would like to wait for a better handset environment before revisiting the stock.
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