SmartRent price target lowered to $5 from $7 at Cantor Fitzgerald

Cantor Fitzgerald lowered the firm’s price target on SmartRent to $5 from $7 and keeps an Overweight rating on the shares. The firm came away from conversations with management incrementally more positive on the long-term opportunity for SmartRent, but acknowledges that there could be near-term pressure, specifically on its pace of unit deployments, as it appears to be prioritizing up-selling existing customers additional products that are more near-term accretive relative to new deployments, the analyst tells investors in a research note.