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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NEGATIVE IMPACT
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.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100