Ispire Technology price target lowered to $9 from $12.50 at Roth MKM

Roth MKM lowered the firm’s price target on Ispire Technology (ISPR) to $9 from $12.50 and keeps a Buy rating on the shares. The company’s pipeline remains encouraging, but the firm is reducing its near-term revenue expectations on a key ODM – original design manufacturing – client requesting product iterations, which pushes about $7M in current quarter revenue out and also pushes $20M-$25M out from the March quarter, the analyst tells investors in a research note. The February manufacturing facility shutdowns related to Chinese New Year will also drive extended March quarter weakness, the firm added.