Varex Imaging price target lowered to $12 from $22 at B. Riley

B. Riley lowered the firm’s price target on Varex Imaging (VREX) to $12 from $22 and keeps a Buy rating on the shares. Varex Imaging’s Q2 results were at the upper end of revenue guidance and above earnings guidance, the analyst tells investors in a research note. The firm notes that the 125% retaliatory tariffs have put the recovery in China on hold as Chinese customers have paused deliveries in anticipation of potential improvements in trade relations with the U.S. or potential exemptions for Varex products, which is expected to result in the loss of 2/3 of revenue from China in Q3 vs. Q2.