Stem price target lowered to $4 from $5 at Barclays

Barclays lowered the firm’s price target on Stem to $4 from $5 and keeps an Equal Weight rating on the shares. Stem’s modular ESS offering appears to be gaining traction with large developers and providing increased visibility for bookings in the near to medium term, the firm said in a research note on Friday. However, the company’s software/services revenues continue to trail the company’s guide, Barclays adds.