UPDATE: Benchmark Downgrades Energy Focus (EFOI) to Hold
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(Updated - August 12, 2016 8:56 AM EDT)
Benchmark downgraded Energy Focus (NASDAQ: EFOI) from Buy to Hold with a price target of $6. Analyst Mark Miller noted disappointing Q2 results and guidance.
"While Energy Focus expects its military sales to stabilize at a higher level and commercial sales to increase over the first two quarters of 2016, the sales guidance for the September quarter was well below investor expectations," noted Miller. "Coupled with higher projected Opex, we had to significantly lower our 2016 and 2017 outlook and now believe the breakeven sales level is $16.5 million. As such, we are lowering our rating to Hold until our visibility improves."
Shares of Energy Focus closed at $4.85 yesterday.
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