Aviat Networks price target lowered to $27 from $45 at Lake Street

Lake Street analyst Jaeson Schmidt lowered the firm’s price target on Aviat Networks (AVNW) to $27 from $45 and keeps a Buy rating on the shares. Revenue and profitability were both below consensus as softness in fiscal Q1 was driven by U.S. tier 1 capex weakness and timing challenges in the private networks business. The firm, which admits it was “both surprised and disappointed in how soft” Q1 results were, thinks that with Aviat just giving FY25 guidance about a month ago, and now having to revise it lower, shares will “be in the penalty box in the near term.” Still, the firm thinks the risk/reward opportunity is “attractive for those investors who can exercise some patience,” the analyst added.