Vuzix downgraded to Neutral from Buy at BTIG

BTIG analyst Matthew VanVliet downgraded Vuzix to Neutral from Buy without a price target. Smart glasses sales falling 46% year-over-year were the catalyst for the Q3 miss and while managemewbt believes the sales that were expected are simply delayed a quarter or two, a downgrade is warranted until the revenue picture is clearer, the analyst tells investors in a research note. While Vuzix was able to sign some manufacturing contracts in the aerospace vertical, this will be recognized over the next 18 months, which fails to offset the shortfall in the quarter, says BTIG.