Vuzix price target lowered to $2 from $3 at Craig-Hallum

Craig-Hallum lowered the firm’s price target on Vuzix to $2 from $3 and keeps a Buy rating on the shares. The firm notes Vuzix reported Q2 results below expectations with challenges in reaching scaled deployments of its smart glasses with enterprise customers. The company stated they are taking actions to discount select inventory to accelerate cash collections of about $9M of inventory. The company’s reported profit was also impacted by a $30M non-cash charge in the quarter associated with Atomistic terminating the company’s exclusive technology licensing of its display engine technology, Craig-Hallum adds.