SkyWater Technology price target lowered to $12 from $16 at Craig-Hallum

Craig-Hallum lowered the firm’s price target on SkyWater Technology to $12 from $16 and keeps a Buy rating on the shares. The firm notes the company had another excellent quarter, despite slowness in the WS segment, with ATS growing much better than expected. While Craig-Hallum’s 2024 sales estimate declines modestly, it’s entirely due to WS sales that it believes should get a lower multiple, while the ATS segment continues to outperform, which should get the higher valuation.