Quantum Corp price target lowered to $10 from $20 at Lake Street

Lake Street lowered the firm’s price target on Quantum Corp (QMCO) to $10 from $20 and keeps a Hold rating on the shares. Since the launch of its standby equity purchase agreement in Q4, Quantum has raised $83M in net proceeds that the company has used to pay off its revolver and bolster its working capital, says the analyst, who adds that the downside of the SEPA is the dilution of the equity base. The firm is lowering its price target based on a higher share count and a lower forecast, the analyst noted.