Piper Sandler analyst Kashy Harrison lowered the firm’s price target on TPI Composites to $9 from $12 and keeps a Neutral rating on the shares. The analyst cites a “challenging update” from TPI for the target drop, saying in-depth inspections stemming from more stringent customer criteria and industry quality issues drove a $30M-$35M warranty charge.
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Read More on TPIC:
- TPI Composites (NASDAQ:TPIC) Tanks on Disappointing Q2 Prelim; Slashes Guidance
- TPI Composites downgraded to Neutral from Buy at Roth MKM
- TPI Composites downgraded to Neutral from Buy at BTIG
- TPI Composites cuts FY23 revenue view to $1.53B-$1.58B from $1.6B-$1.7B
- TPI Composites reports preliminary Q2 revenue $380M, consensus $406.08M