Vuzix price target lowered to $3.50 from $5 at Dawson James

Dawson James analyst James McIlree lowered the firm’s price target on Vuzix to $3.50 from $5 and keeps a Buy rating on the shares after the company pre-announced Q4 revenue of $2.1M, below the firm’s $3.5M estimate and consensus of $3.4M. The company also announced a program to reduce cash annual operating expenses by $8M, or 25%, notes the analyst, who continues to expect the company’s investment in waveguide manufacturing and micro-LED development to be the primary drivers of growth.