Digi International price target lowered to $28 from $32 at Craig-Hallum

Craig-Hallum analyst Anthony Stoss lowered the firm’s price target on Digi International to $28 from $32 and keeps a Buy rating on the shares. The firm continues to believe in the long-term prospects of Digi given results in line with the company’s prior expectations of macro weakness in the back half of the year. More specifically, Digi continues to call for FY24 revenues to be down about 5% year-over-year and adjusted EBITDA to be up 1%. Craig-Hallum notes management continues to see abnormal order patterns as customers remain cautious given the overall economy.