Motorcar Parts price target lowered to $16 from $18 at Roth MKM

Roth MKM analyst Matt Koranda lowered the firm’s price target on Motorcar Parts to $16 from $18 but keeps a Buy rating on the shares. The company’s Q3 results were "soft" amid one-off customer challenges and new business delays that dented revenue performance by $34M, and its margins also compressed given the revenue shortfall and production volume weakness, the analyst tells investors in a research note. The firm adds however that the end market read-throughs still look healthy, also citing the "easy comps ahead" keep its bias "constructive" moving into FY24.