Lavoro price target lowered to $9 from $11 at Oppenheimer

Oppenheimer analyst Kristen Owen lowered the firm’s price target on Lavoro to $9 from $11 and keeps an Outperform rating on the shares. While Lavoro saw growth-over-market across segments, its Q3 results fell far short of expectations amid an ongoing shift toward just-in-time purchasing compounded with delayed grain sales pushing the timing of sales and receivables into FY25, the firm notes. The weaker Q3 print and Q4 shipment timing drove FY24 revenue guide lower by $275M at the midpoint, with a portion expected to be recovered in the first half of 2025.