AMMO price target lowered to $1.50 from $1.60 at Roth MKM

Roth MKM analyst Matt Koranda lowered the firm’s price target on AMMO to $1.50 from $1.60 and keeps a Neutral rating on the shares. The company has recently announced a CFO transition and the launch of an independent investigation into certain items from FY20-FY23, and while the actions taken by the Board and CEO Jared Smith should ultimately clean up its legacy issues, they also create yet another overhang of indeterminate length on AMMO stock while the investment community was already waiting on a turnaround in the core ammo manufacturing business, the analyst tells investors in a research note.