SGH Faces Revenue Challenges: Analyst Adjusts FY24 Estimates Amid Macro And Supply Headwinds
Portfolio Pulse from Nabaparna Bhattacharya
Stifel analyst Brian Chin reiterated a Buy rating on SMART Global Holdings, Inc. (NASDAQ:SGH), but lowered the price target to $26 from $32. The company reported Q4 earnings of $0.35 per share, missing the analyst consensus estimate of $0.45. The analyst lowered FY24 EPS to $1.05 from $2.50 and revenue to $1.22 billion from $1.76 billion. SGH shares are trading lower by 43.99% to $13.21.
October 13, 2023 | 7:49 pm
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SMART Global Holdings' price target has been lowered by a Stifel analyst, along with reductions in FY24 EPS and revenue estimates. The company's shares are trading lower.
The analyst's lowered price target and reduced FY24 estimates indicate a less optimistic outlook for SMART Global Holdings. This negative sentiment is likely to put downward pressure on the company's stock price in the short term.
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