B. Riley analyst Craig Ellis downgraded Alpha & Omega to Neutral from Buy with a price target of $24, down from $40. The company’s fiscal Q1 results were “mixed” and its Q2 guidance is materially below consensus, the analyst tells investors in a research note. The firm believes Alpha & Omega’s artificial intelligence “seems on hold for a quarter or so.” Riley believes a major part of the stock’s positive thesis is now “dented.” It also has concerns about Alpha & Omega’s path back to profitability.
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