Kornit Digital downgraded at Barclays ahead of ‘another transition year’

As previously reported, Barclays analyst Tavy Rosner downgraded Kornit Digital to Equal Weight from Overweight with a price target of $28, down from $34. Both Kornit’s Q4 results and Q1 guidance missed the firm’s forecasts as macro headwinds continue to hurt new machines sales. While the firm sees the long-term value proposition as unchanged, it thinks 2023 will be "’another transition year" and struggles to see an inflection point in the foreseeable future.