Phunware price target lowered to $4.50 from $20 at Roth MKM

Roth MKM lowered the firm’s price target on Phunware (PHUN) to $4.50 from $20 and keeps a Buy rating on the shares. The company’s FY24 bookings grew roughly 232% year-over-year, the analyst says, noting that the company’s enhanced cash position allows for a strategic reset. The firm added that its lower price target implies a roughly 20% discount to the cash value per share o $5.60, noting that it believes the pillars in which to value Phunware could become more apparent with more of a concise strategic direction and business model.