Vuzix price target lowered to $3 from $3.50 at Craig-Hallum

Craig-Hallum lowered the firm’s price target on Vuzix to $3 from $3.50 and keeps a Buy rating on the shares. The firm notes Vuzix reported Q4 revenue below its pre-released expectations due to some shipment and acceptance timing which pushed out revenue from Q4. The company also reported a full year loss of $50M, in line with previously stated expectations, which notably included about $8M of one-time in nature charges in Q4. Given the company’s cash position, which was $26.5M exiting Q4, as well as future expected losses, the company’s auditors did state there is doubt about the company’s ability to continue as a going concern, Craig-Hallum adds. Management stated they disagree with this opinion and are continuing to take measures to address the concern.