SkyWater Technology price target lowered to $9 from $14 at Piper Sandler

Piper Sandler lowered the firm’s price target on SkyWater Technology to $9 from $14 and keeps an Overweight rating on the shares. The firm notes the company reported a June quarter that surprised to the upside as SkyWater surpassed expectations in both the top and bottom lines. Piper sees sustained year-over-year growth in the ATS business driven by customer-funded tools which are expected to be up in the $80M region for the year.