Phunware price target lowered to $2.50 from $3.50 at H.C. Wainwright

H.C. Wainwright analyst Scott Buck lowered the firm’s price target on Phunware to $2.50 from $3.50 and keeps a Buy rating on the shares post the Q4 results. As the business begins to scale in 2024, investor visibility should improve as meaningful operating leverage is realized, the analyst tells investors in a research note. The firm recommends investors use the current share weakness to accumulate a position ahead of future revenue growth and profitability.