Stoneridge price target lowered to $16 from $25-$30 at Barrington

Barrington analyst Gary Prestopino lowered the firm’s price target on Stoneridge (SRI) to $16 from $25-$30 and keeps an Outperform rating on the shares. The company’s Q3 results missed estimates due to lower than expected volumes in both Control Devices and Electronics, the analyst tells investors in a research note. The firm says Stoneridge’s 2024 guidance was reduced as its market challenges continue.