As previously reported, Craig-Hallum downgraded Byrna Technologies (BYRN) to Hold from Buy with a $7.50 price target The story has seen several dramatic changes in the past two months with a sudden change in CEO and conversion rates for their online channel get cut in half, the firm notes. New leadership plans to broaden the customer base and revamp marketing, which Craig-Hallum believes will take time and investment that will hamper profitability for an extended period. The firm views Street estimates as too high and believes the stock will stay in the penalty box until results prove a premium multiple is warranted.
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