SkyWater Technology, Inc (SKYT) PT Lowered to $9 at Piper Sandler

Piper Sandler analyst Harsh Kumar lowered the price target on SkyWater Technology, Inc (NASDAQ: SKYT) to $9.00 (from $14.00) while maintaining a Overweight rating.

The analyst commented, "SKYT reported their June quarter which surprised to the upside as the company surpassed expectations on both the top and bottom lines. We see sustained Y/Y growth in the ATS business driven by customer funded tools which are expected to be up in the $80M region for the year. In addition to ATS development annual growth of 15% for this year, we are also looking for roughly 9% growth for 2025. Overall revenue growth in 2025 will come from increases in each of the company's segments, in our view. On margin growth, we are modeling for a steady but slow increase from current levels as tools hamper the margin profile of the company. Finally, our expectations call for SKYT to be firmly breakeven or above going forward following the positive EPS print. We reiterate our OW rating. PT to $9."

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