UPDATE: Stifel Downgrades Kornit Digital Ltd. (KRNT) to Hold
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Stifel analyst Patrick Ho downgraded Kornit Digital Ltd. (NASDAQ: KRNT) from Buy to Hold with a price target of $50.00 (from $100.00).
The analyst comments "On Tuesday after the market close, Kornit negatively preannounced a sizable miss to its June quarter. The issues arose in the final few weeks of the quarter, with the largest impact in its systems business related to its direct-to-garment (DTG) segment. The impact came in both its strategic partnership relationship and with other e-commerce customers (where overcapacity is now an issue). In turn, we have significantly reduced our 2022 and 2023 estimates accordingly given some of the uncertainty of the timing of when these system deliveries will return. With this sharp reduction in estimates, and what is likely to be a lack of momentum in the near term, we are downgrading shares to a Hold from a Buy rating and lowering our target price to $50 (from $100). We remain strong supporters of the long-term thesis but believe shares could be a “dead stock” until revenue momentum returns."
Shares of Kornit Digital Ltd. closed at $31.56 yesterday.
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