Kornit Digital price target lowered to $20 from $25 at Needham

Needham lowered the firm’s price target on Kornit Digital (KRNT) to $20 from $25 and keeps a Buy rating on the shares after its Q3 earnings beat. The company’s quarter was highlighted by growth in both products and services and encouraging momentum in annual recurring revenue, the analyst tells investors in a research note. Revenues increased 5% y/y vs. Street expectations while Kornit delivered an adjusted EBITDA profit and adjusted EBITDA margin of +2.1%, vs. consensus -0.6%, the firm added.