Silicom price target lowered to $22 from $28 at Needham

Needham lowered the firm’s price target on Silicom to $22 from $28 but keeps a Buy rating on the shares. The company has sharply lowered its outlook for Q4 and 2024, having cited excess inventories at customers resulting from the Supply Chain shocks while also noting that macro conditions are impacting customers and could result in added pressures, the analyst tells investors in a research note. The stock offers “deep value”, but a slow recovery is likely, the firm added.