FGI Industries price target lowered to $4 from $5 at Northland

Northland lowered the firm’s price target on FGI Industries to $4 from $5 and keeps an Outperform rating on the shares after Q4 results missed expectations due to continued broad-based inventory de-stocking. De-stocking is expected to continue to hamper first half order activity, but management noted they are seeing improvements thus far in 2023. The 2023 outlook was set roughly in-line with the firm’s estimates, but Northland is now taking a slightly more cautious stance due to uncertainty relating to the timing of inventory normalization.