Jerash Holdings price target lowered to $3.50 from $4 at DA Davidson

DA Davidson analyst Michael Baker lowered the firm’s price target on Jerash Holdings to $3.50 from $4 and keeps a Buy rating on the shares. The company’s Q1 results were “mixed” as sales were slightly above estimates and showed rebounding growth vs. last quarter but profits missed on continued transportation hurdles and increased cost associated with expediting backlogged orders, the analyst tells investors in a research note. Improvement of demand is evident in current manufacturing facilities operating at 100% capacity, but despite revenue tailwinds, the increased supply chain and SG&A costs are “offsets”, the firm added.