Craig-Hallum analyst Aaron Spychalla lowered the firm’s price target on Shimmick to $3 from $4 and keeps a Hold rating on the shares. Q2 results were below expectations and 2024 guidance was lowered given a continued slower ramp in new project activity and due to higher costs and increased legal fees to pursue contract modifications and recoveries on legacy projects, the analyst tells investors. The firm remains Hold rated given valuation and looks for improved execution, results, and backlog, the analyst added.
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