Digi International price target lowered to $26 from $27 at Piper Sandler

Piper Sandler analyst James Fish lowered the firm’s price target on Digi International to $26 from $27 and keeps a Neutral rating on the shares. The firm notes Q3 results were relatively in line with the lowered expectations from Q2, as Digi still is working through digestion/normalization and a weak but stabilizing customer demand environment. The major brightspots this quarter were the GPM upside given the shift towards software, and SmartSense, which caused Solutions NNARR to be +$3M, Piper adds.