Matthews price target lowered to $40 from $54 at B. Riley

B. Riley lowered the firm’s price target on Matthews to $40 from $54 and keeps a Buy rating on the shares. The company’s Memorialization and SGK Brand Solutions businesses are performing in line with expectations, but a larger percentage of orders for Industrial will be deferred into fiscal 2025, the analyst tells investors in a research note. The firm cites a lower contribution from Industrial Technology in 2024 for the target cut. Matthews shares are now trading for less than what the Memorialization and SGK businesses are worth, net of overhead expenses, with no value assigned to Industrial Technology, adds Riley.