Flux Power price target lowered to $4 from $6 at Maxim

Maxim lowered the firm’s price target on Flux Power (FLUX) to $4 from $6 and keeps a Buy rating on the shares. The firm cites the company having reported delayed FY24 results – along with restating FY23 and FY22 annual results – where its revenue declined by 8.5% as the year was impacted by higher interest rates and macroeconomic concerns that postponed orders, the analyst tells investors in a research note. Maxim maintains however that it still expects the core business to return to growth in the second half of FY25 as initiatives to drive greater adoption are likely to benefit revenue.