Benchmark Downgrades Intevac (IVAC) to Hold, 'we have adjusted our 2023 and 2024 forecasts'

Benchmark analyst Mark Miller downgraded Intevac (NASDAQ: IVAC) from Buy to Hold.

The analyst comments "...we have adjusted our 2023 and 2024 forecasts. For 2023, we now forecast a net GAAP loss of ($0.65) per diluted share on sales of $44.5 million versus our prior estimate of a GAAP loss of ($0.76) per diluted share on sales of $38.5 million. We see lower upgrade sales in 2024 offset by higher system revenues driven by revenues from TRIOTM tools. As such, our 2024 forecast goes from a net GAAP loss of ($0.19) per diluted share on sales of $77.5 million to a GAAP net loss of ($0.60) per diluted share on sales of $47 million. As such, we now move to hold."

For an analyst ratings summary and ratings history on Intevac click here. For more ratings news on Intevac click here.

Shares of Intevac closed at $4.30 yesterday.

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