Avantax price target lowered to $30 from $32.50 at Barrington

Barrington analyst Alexander Paris lowered the firm’s price target on Avantax to $30 from $32.50 and keeps an Outperform rating on the shares after the company reported Q2 results and management adjusted guidance to account for its cash sweep balance hedging activities and a lower cash sweep balance along with expected margin improvement and some softness in transaction sales. The company’s FY23 revenue guidance midpoint is slightly above its prior guidance and adjusted EBITDA midpoint is below its prior guidance, the analyst noted.