Intevac downgraded to Hold at Benchmark after ‘unprecedented’ cancellation

As previously reported, Benchmark analyst Mark Miller downgraded Intevac to Hold from Buy with no price target after the company announced last week an “unprecedented” cancellation of $54M in 200 Lean system orders and provided updated guidance for FY23 revenue now expected to be in the range of $43M-$48M. Following the news, the firm has adjusted its 2023 and 2024 forecasts and its 2024 forecast has gone from a net GAAP loss of (19c) per share on sales of $77.5M to a GAAP net loss of (60c) per share on sales of $47M.