Quantum price target lowered to $1.50 from $2.75 at B. Riley

B. Riley lowered the firm’s price target on Quantum to $1.50 from $2.75 and keeps a Neutral rating on the shares. The company’s Q1 report and Q2 guidance were below consensus estimates, but “green shoots” emerged, the analyst tells investors in a research note. The firm believes entrenched “show me” investor sentiment could start to inflect if Quantum’s fiscal 2024 adjusted EBITDA expansion hits as guided, which it says means long-term “entry opportunities may be forming.” Riley is “incrementally more encouraged but remain tactically patient given ongoing macro risks.”