Stem price target lowered to $18 from $19 at UBS

UBS analyst Jon Windham lowered the firm’s price target on Stem to $18 from $19 and keeps a Buy rating on the shares. The company revised Q4 revenue and profitability guidance downward and increased expected Q4 bookings, Windham tells investors in a research note. The analyst believes bookings remain the key near-term metric and expects the easing of supply chains combined with operating leverage to drive increasing profitability for Stem in 2023.