RF Industries price target lowered to $4.25 from $6 at B. Riley

B. Riley lowered the firm’s price target on RF Industries to $4.25 from $6 and keeps a Buy rating on the shares post the Q3 report. The sales results in came in below consensus as many key projects and shipment schedules were put on hold, resulting in virtually zero carrier capex spend on hybrid fiber cable, the analyst tells investors in a research note. However, the firm believes RF’s revenue likely bottomed in Q3 and it expects the company to benefit from a potential carrier capex rebound in fiscal 2024.