Lantronix price target lowered to $4.50 from $5.50 at Needham

Needham lowered the firm’s price target on Lantronix (LTRX) to $4.50 from $5.50 and keeps a Buy rating on the shares. The company reported Q3 results that were mixed as key customer Gridspertise halted procurement due to excess inventory relative to the pace of deployments, the analyst tells investors in a research note. EMEA revenue was also weak, likely due to Togg EV production, while its Q4 guidance reflects a cautious macro and continued weakness at key customers, Needham added.