Everspin Technologies shares are trading lower after the company reported mixed Q1 financial results and issued Q2 total revenue guidance below estimates. Also, Needham maintained a Buy rating on the stock and lowered its price target from $12 to $8.
Portfolio Pulse from Benzinga Newsdesk
Everspin Technologies reported mixed Q1 financial results and provided Q2 revenue guidance below expectations, leading to a decrease in its stock price. Needham maintained a Buy rating but lowered the price target from $12 to $8.
May 02, 2024 | 4:01 pm
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Everspin Technologies reported mixed Q1 results and issued lower Q2 revenue guidance, leading to a stock price decrease. Needham maintains Buy but lowers price target from $12 to $8.
The mixed Q1 financial results combined with the lower than expected Q2 revenue guidance directly impact investor sentiment and stock price. Needham's continued support but lowered price target reflects a revised valuation based on these results, indicating a negative short-term impact but potential long-term faith in the company's performance.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100