Kimball Electronics price target lowered to $28 from $29 at B. Riley

B. Riley analyst Mike Crawford lowered the firm’s price target on Kimball Electronics (KE) to $28 from $29 and keeps a Buy rating on the shares following the fiscal Q2 report. The firm says a fifth sequential quarterly decline in open orders “reflects a troubling” period of declining demand from customers, indicating that Kimball’s prior-indicated hope that October was the trough “now looks like a premature sentiment.” However, Riley is confident the company’s incremental costs can be absorbed throughout the supply chain, partially offset by likely increases in end product prices.