Needham analyst James Ricchiuti lowered the firm’s price target on Kornit Digital to $35 from $40 but keeps a Buy rating on the shares ahead of its Q4 results this week. The analyst notes that a modest beat by the company would not alter the firm’s view that 2023 will be a transition year for Kornit. Needham adds that Kornit’s business reflects the hangover effects of capacity investments from textile printers which are "unlikely to be fully digested until later in 2023", though it also sees downside on the stock as "limited" with over half of the company’s market cap being in cash.
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Published first on TheFly
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